Answer the Question, Considering an Event to Be "Unusual" If

question 14

Multiple Choice

Answer the question, considering an event to be "unusual" if its probability is less than or equal to 0.05.
-Assume that a study of 300 randomly selected school bus routes showed that 281 arrived on time. Is it "unusual" for a school bus to arrive late?

• A) Yes
• B) No

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Definitions:

Midpoint Method

A technique used in economics for calculating the percentage change between two numbers, considering the average of the two numbers as the base.

Price Elasticity

A measure of the responsiveness of quantity demanded or supplied to changes in price.

Price Elasticity

An indicator of the sensitivity of consumer demand for a product to variations in its price, demonstrating how significantly the quantity of the good demanded changes in response to price fluctuations.

Quantity Supplied

The quantity of a product or service that manufacturers are prepared to offer for sale at a certain price during a defined time frame.