A Small Vendor Has Either a Good Day of Sales

question 2

Multiple Choice

A small vendor has either a good day of sales with an average of $1,000 or a bad day with an average of only $500 for the day. To simulate these outcomes, random numbers from 00 to 99 should be assigned with the intervals determined from the frequency distribution. If, during the last 100 days, the vendor had 27 good days and 73 bad days, which of the following is a correct random-number interval for a bad day?

• A) 28 to 99
• B) 27 to 73
• C) 27 to 100
• D) 27 to 99
• E) 00 to 26

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Definitions:

Employer

An individual or organization that hires and pays workers for their services or labor.

Economics

The social science that studies how individuals, governments, firms, and nations make choices on allocating scarce resources to satisfy their unlimited wants.

Signaling

The act of conveying information indirectly through actions or attributes, often seen in markets where there is information asymmetry.

Uninformed Party

An individual or group lacking critical information, often leading to a disadvantage in decisions or negotiations.