Critical Value: Z = 2

question 40

Multiple Choice

Critical value: z = 2.33. Fail to reject null hypothesis. There is not sufficient evidence to support the claim
that more than half of all those using the drug experience relief.
-An airline claims that the no-show rate for passengers booked on its flights is less than 6%. Of 380 randomly selected reservations, 18 were no-shows. Find the P-value for a test to support the airline's claim.

• A) 0.1230
• B) 0.1492
• C) 0.0746
• D) 0.3508

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Definitions:

Short Run

A period in which at least one factor of production is fixed, and only the variable factors can be adjusted by firms to influence output.

Innovation

The process of developing new ideas, products, or methods that improve upon existing standards or create novel solutions.

Invention

The creation of a new product, process, or idea that previously did not exist.

Diffusion

The process through which innovations, cultural practices, ideas, or technologies spread within and across societies.