A Potato Chip Manufacturer Has Found That in the Past

question 49

Multiple Choice

A potato chip manufacturer has found that in the past the standard deviation of bag weight has been 0.2 ounce. They want to test whether the standard deviation has changed. The null hypothesis is:

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Definitions:

Wages

Payments made to workers for their labor, usually based on hours worked or output produced, and a fundamental component of employment contracts.

Equilibrium Wage

The wage rate at which the quantity of labor demanded by employers equals the quantity of labor supplied by workers, resulting in labor market equilibrium.

Labor

Human mental and physical contributions employed in the manufacturing of goods and services.

Marginal Product

The extra production obtained when one additional unit of a specific input is used, while all other inputs stay unchanged.