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In 1930, the average size of a public restroom was 172 square feet. By 1990, due to federal disability laws, the average size had increased to 471 square feet. Suppose that a design team believes that this standard has increased from the 1990 level. They randomly sample 23 public restrooms in a major midwestern city and obtain a mean square footage of 498.78 with a standard deviation of 46.94. Calculate the appropriate test statistic to test the hypotheses.
Marginal Utility
The additional satisfaction or benefit (utility) a consumer gains from consuming one more unit of a good or service.
Supply and Demand
The fundamental economic model describing the balance between the quantity of goods available and the desire of buyers for it.
Marginal Utility
The additional satisfaction a consumer gains from consuming one more unit of a good or service.
Opportunity Cost
The cost of foregoing the next best alternative when making a decision or choice.
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