SCENARIO 12-4 A Computer Used by a 24-Hour Banking Service Is Supposed

question 12

Multiple Choice

SCENARIO 12-4
A computer used by a 24-hour banking service is supposed to randomly assign each transaction to one of 5 memory locations.A check at the end of a day's transactions gave the counts shown in the table to each of the 5 memory locations,along with the number of reported errors.
The bank manager wanted to test whether the proportion of errors in transactions assigned to each of the 5 memory locations differ.
-Referring to Scenario 12-4,the calculated value of the test statistic is

• A)-0.1777
• B)-0.0185
• C)1.2068
• D)1.5190

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Definitions:

Downward-Sloping Demand Curves

A graphical representation indicating that as the price of a good or service decreases, the quantity demanded increases, and vice versa.

Perfect Competition

A market structure characterized by a large number of small firms, identical products, and free entry and exit from the market.

Identical Goods

Products that are indistinguishable from each other in the eyes of the consumer, often associated with perfect competition markets.

Profit-Maximizing Output

The level of production at which a company can achieve the highest profit, where marginal revenue equals marginal cost.