Use the One-Proportion Z-Test to Perform the Required Hypothesis Test

question 64

Essay

Use the one-proportion z-test to perform the required hypothesis test. Use the P-value approach.
-A supplier of 3.5" disks claims that no more than 1% of the disks are defective. In a random sample of 600 disks, it is found that 3% are defective, but the supplier claims that this is only a sample fluctuation. At the 0.01 level of significance, do the data provide sufficient evidence that the percentage of defects exceeds 1%?

Apply the concept of the marginal utility to price ratio (MU/P) in determining the utility-maximizing combination of goods.

Analyze the effects of price changes on the quantity demanded through the income and substitution effects.

Understand how the demand curve is derived from diminishing marginal utility.

Understand the implications of changes in income and prices on consumer equilibrium.

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Definitions:

Luggage

Personal belongings packed in suitcases or bags for traveling.

X-rays

Electromagnetic radiation of high energy and very short wavelength, which is able to pass through many materials opaque to light.

Metal Detectors

Electronic devices that are used to locate metallic objects within a surrounding medium through the generation and detection of electromagnetic fields.

Terrorists

Individuals who use violence and intimidation, especially against civilians, in the pursuit of political aims.