Instruction 15-2 The Dean of a College Is Interested in the Proportion

question 82

Multiple Choice

Instruction 15-2
The dean of a college is interested in the proportion of graduates from his college who have a job offer on graduation day. He is particularly interested in seeing if there is a difference in this proportion for accounting and economics majors. In a random sample of 100 of each type of major at graduation, he found that 65 accounting majors and 52 economics majors had job offers. If the accounting majors are designated as 'Group 1' and the economics majors are designated as 'Group 2', perform the appropriate hypothesis test using a level of significance of 0.05.
-Referring to Instruction 15-2,the hypotheses the dean should use are

• A) H₀: π₁ − π₂ = 0 versus H₁: π₁ − π₂ ≠ 0.
• B) H₀: π₁ − π₂ ≤ 0 versus H₁: π₁ − π₂ > 0.
• C) H₀: π₁ − π₂ ≠ 0 versus H₁: π₁ − π₂ = 0.
• D) H₀: π₁ − π₂ ≥ 0 versus H₁: π₁ − π₂ < 0.

Understand the relationship between price, average total cost, and profit maximization in a perfectly competitive market.

Identify the conditions under which a perfectly competitive firm should increase or decrease production to maximize profits.

Recognize the significance of the equality between price and marginal cost in profit maximization.

Determine the short-run production decisions of a perfectly competitive firm based on price comparisons with average total cost, marginal cost, and average variable cost.

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Definitions:

Self-Esteem

An individual's subjective evaluation of their own worth, encompassing beliefs and emotions such as triumph, despair, pride, and shame.

Self-Love

the regard for one's own well-being and happiness, considered as a desirable rather than narcissistic characteristic.

Self-Esteem

Someone's self-determined assessment of their importance or worth.

Self-Love

The regard for one's own well-being and happiness, prioritizing oneself without being narcissistic.