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Choose the one alternative that best completes the statement or answers the question.
-A college dean believes that the median hours spent studying by full time students is at least 12 hours per week. In a random sample of 100 students, 65 studied more than 12 hours, 10 studied exactly 12 hours and the rest studied less than 12 hours. Find the critical value to test the dean's hypothesis. Use .
MC > MR
A condition where the marginal cost of producing an additional unit is greater than the marginal revenue gained from selling it, indicating it’s not profitable to increase production.
Profit Maximized
The point at which a firm achieves the highest possible profit, typically by adjusting output levels or prices.
Total Revenue
The total amount of money that is brought in by sales of goods or services.
Total Cost
The complete cost of production, encompassing both fixed and variable costs.
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