A Local Science Museum Normally Sells Entry Tickets for $6

question 14

Multiple Choice

A local science museum normally sells entry tickets for $6 each.The daily maximum capacity of the museum is 500 visitors.At the maximum capacity,fixed costs are $3 per visitor and variable costs are $.50 per visitor.A local school group has approached the museum wishing to purchase 25 special passes at a cost of $2.00 each.Assuming the museum has excess capacity,if the special order were accepted,net income would:

• A) increase by $37.50.
• B) decrease by $87.50.
• C) increase by $50.00.
• D) decrease by $37.50.

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Definitions:

Null Hypothesis

A hypothesis that there is no effect or no difference, and it serves as the default or starting assumption in hypothesis testing.

Point Estimate

A single value (or point) derived from a sample that serves as the best estimate of an unknown population parameter.

Hourly Wages

Hourly wages are payments made to workers based on the number of hours worked, typically quoted as an amount of money per hour.

Margin Of Error

The ± value added to and subtracted from a point estimate in order to develop an interval estimate of a population parameter.