The Next Questions Are Based on the Following Information

question 84

Multiple Choice

The Next Questions Are Based On The Following Information:
The state lottery office claims that the average household income of those people playing the lottery is at least $37,000.Assume that the distribution of household income of those people playing the lottery is normally distributed with a standard deviation of $5,756.Suppose that for a sample of 25 households,it is found that the average income was $36,243.
-What is the most accurate estimate of the p-value?

• A)p-value > 0.10
• B)0.01 < p-value < 0.05
• C)0.05 < p-value < 0.10
• D)p-value < 0.01

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Definitions:

MU to P Ratio

An alternative expression for the marginal utility to price ratio, assessing the level of satisfaction obtained per unit of expenditure.

Marginal Utility

The additional satisfaction or utility that a consumer gains from consuming one more unit of a good or service.

Marginal Utility

The additional satisfaction or utility that a consumer receives from consuming one more unit of a good or service.

Total Utility

The total satisfaction received by consuming a certain amount of goods or services.