Test Hypotheses About a Population Proportion
-A New Gun-Like Apparatus $0.07$

question 85

Short Answer

Test Hypotheses about a Population Proportion
-A new gun-like apparatus has been devised to replace the needle in administering vaccines. The apparatus, which is connected to a large supply of vaccine, can be set to inject different amounts of the serum, but the variance in the amount of serum injected to a given person must not be greater than $0.07$ to ensure proper inoculation. A random sample of 36 injections was measured. Suppose the $\mathrm { P }$ -value for the test is $\mathrm { p } = 0.0024$ . State the proper conclusion using $\alpha = 0.01$ .

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Definitions:

Equilibrium Price

The pricing point where the volume of a good or service provided equals the volume demanded, achieving market harmony.

Market-Clearing Price

The price at which the quantity of a product offered is equal to the quantity of the product in demand, clearing the market.

Market Price

The current price at which an asset or service can be bought or sold in the open market, determined by supply and demand dynamics.

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded in the market.