In a Sample of 47 Adults Selected Randomly from One

question 3

Multiple Choice

In a sample of 47 adults selected randomly from one town, it is found that 9 of them have been exposed to a particular strain of the flu. Find the P-value for a test of the claim that the proportion of all adults in the town that have been exposed to this strain of the flu is 8%.

• A) 0.0048
• B) 0.0024
• C) 0.0262
• D) 0.0524

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Definitions:

Substitution Price Elasticity

A measure of how much the quantity demanded of one good responds to a change in the price of another good, indicating the degree to which these goods are substitutes.

Utility Function

A numerical model that explains how a consumer gains pleasure or usefulness from using goods and services.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, holding the consumer's utility level constant.

Income Effect

The alteration in the income of a person or the economy, and its effect on the amount of a product or service that is requested.