THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 79

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
As part of its quality control program,the Scullia Auto Company (SAC)began inspecting all supplier shipments of steel bars and recording the defect rate according to quality criteria such as strength,dimensional characteristics,etc.When SAC began this program,the defect rate in 100 shipments averaged 9%.A recent report indicated an average defect rate of 2.2% in 136 shipments.The quality control department wants to determine,at the 0.05 level of significance,if this represents a significant improvement in the quality of the steel.
-State the null and alternative hypotheses.

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Definitions:

Demand for Goods and Services

The consumers' desire and willingness to pay for products or services at a given price point.

Higher Level of Unemployment

A state in which there is a larger than usual number of people without jobs, indicating increased job scarcity or economic downturns.

Business Cycle

The fluctuations in economic activity characterized by periods of economic expansion and contraction over time.

Economic Activity

The actions that involve the production, distribution, and consumption of goods and services in an economy.