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Pilots' Union Contract

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Pilots' Union Contract
A union composed of several thousand pilots is preparing to vote on a new contract.A random sample of 500 pilots yielded 320 who planned to vote yes.It is believed that the new contract will receive more than 60% yes votes. ​ ​
-{Pilots' Union Contract Narrative} Compute the p-value for the test.


Definitions:

Marginal Revenue

Marginal Revenue is the additional income generated from selling one more unit of a good or service.

Pure Monopolist

A market structure characterized by a single seller selling a unique product in the market without any close substitutes.

Marginal Revenue

The additional revenue a firm receives from selling one more unit of a good or service.

Pure Monopolist

A single seller in a market with no close substitutes for its product, setting the market price and output level.

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