The Manager of an Online Shop Wants to Determine Whether

question 106

Multiple Choice

The manager of an online shop wants to determine whether the mean length of calling time of its customers is significantly more than 3 minutes.A random sample of 100 customers was taken.The average length of calling time in the sample was 3.1 minutes with a standard deviation of 0.5 minutes.At a 0.05 level of significance,it can be concluded that the mean of the population is

• A)significantly greater than 3.
• B)not significantly greater than 3.
• C)significantly less than 3.
• D)significantly not different from 3.10.

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Definitions:

Competitive Price-Taker

A company that lacks the authority to influence the market price and is therefore compelled to agree to the existing market price for its goods.

Average Variable Cost

Refers to the total variable costs (costs that change with production volume) divided by the quantity of output produced.

Production Decision

The process of determining what goods or services to produce, how much to produce, and how production resources are allocated.

Losses

Occurs when a company's expenses exceed its revenues during a specific period.