Kortholts That Fail to Meet Certain Precise Specifications Must Be

question 48

Multiple Choice

Kortholts that fail to meet certain precise specifications must be reworked on the next day until they are within the desired specifications. A sample of one day's output of kortholts from the Melodic Kortholt Company showed the following frequencies: $\begin{array}{|c|c|c|c|}\hline&\text { Plant A }&\text { Plant B }&\text { Row Total }\\\hline \text {Specification Met}&185 & 85&270 \\\hline \text { Specification Not Met }&15 & 15& 30\\\hline \text { Col Total }&200 & 100 &300\\\hline\end{array}$ Find the p-value for the chi-square test statistic for a hypothesis of independence.

• A)Less than .01
• B)Between .01 and .025
• C)Between .025 and .05
• D)Greater than .05

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Definitions:

Profit-Maximizing Output

The quantity of goods or services that a firm should produce and sell to achieve the highest possible profit.

Demand Data

Information related to the quantity of a good or service consumers are willing and able to purchase at various prices.

Specific Firm

Refers to a particular company or business entity that operates in a competitive market.

Demand Schedule

A table that shows the quantity of a good or service that consumers are willing to buy at different price points.