The Manager of a Sports Store Is Considering Trading on Public

question 46

Essay

The manager of a sports store is considering trading on Public holidays. She believes that a majority of consumers would consider visiting the sports store on a Public holiday.
She takes a random sample of 50 customers and finds that 29 would visit the sports store on a Public holiday. Is there significant evidence to support the manager's claim? Test at the 5% level of significance.

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Definitions:

Supply Of Labor

The total number of workers willing and able to work in an economy, including both employed and unemployed individuals actively seeking jobs.

Demand For Labor

The desire or need for employees by employers, determined by the wage rate and the level of production required by the firm or economy.

Price Floor

A government or regulatory-imposed minimum price for a good or service, intended to ensure that the market price does not fall below a certain level.

Surplus

The amount of a product or resource that exceeds the amount actually utilized or demanded.