It Is Claimed That in a Bushel of Peaches, Less

question 113

Multiple Choice

It is claimed that in a bushel of peaches, less than 10% are defective. A sample of 400 peaches is examined and 50 are found to be defective. What is the critical value for α = 0.025?

• A) +1.960
• B) ±1.645
• C) -1.960
• D) -1.645

---

Definitions:

Elasticity Coefficients

Numerical measures that indicate how much the quantity demanded or supplied of a good responds to changes in price, income, or other factors.

Total Revenue

The total income generated from the sale of goods or services before any expenses are subtracted.

Demand for Labor

The total amount of labor (number of workers or hours worked) that employers want to hire at various wage rates.

Elastic

Describes a situation in which the demand for a product is sensitive to price changes; a small price change results in a significant change in quantity demanded.