Use the Sign Test to Test the Indicated Claim

question 19

Essay

Use the sign test to test the indicated claim. The waiting times (in minutes) of 28 randomly selected customers in
a bank are given below. Use a significance level of 0.05 to test the claim that the population median is equal to
5.3 minutes. $$\begin{array} { | l l l l l l l | } \hline 8.2 & 8.0 & 10.5 & 3.8 & 6.4 & 5.3 & 7.8 \\2.9 & 6.0 & 7.7 & 6.1 & 5.9 & 1.2 & 10.4 \\7.3 & 6.9 & 5.8 & 5.1 & 6.2 & 3.1 & 5.8 \\11.7 & 4.5 & 6.5 & 9.8 & 7.4 & 2.3 & 7.8 \\\hline\end{array}$$

Comprehend the conditions for profit maximization and cost minimization.

Recognize the factors that influence the elasticity of resource demand.

Grasp the marginal productivity theory of income distribution and its criticisms.

Understand the application of the marginal productivity theory in income distribution.

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Definitions:

Frequency

The rate at which an event occurs or is repeated over a specific period of time, often used in statistics, communications, and media studies.

Competitive Parity

A firm’s strategy of setting prices that are similar to those of major competitors. Status Quo Pricing: A competitor-oriented strategy in which a firm changes prices only to meet those of competition.

IMC Budgeting

Involves allocating financial resources across various marketing communication channels as part of an Integrated Marketing Communications strategy.

Communication Budget

The financial allocation for all communication and promotional activities within a company, including advertising, public relations, and direct marketing.