The Following Table Shows the Quantity Demanded and Quantity Supplied

question 66

Multiple Choice

The following table shows the quantity demanded and quantity supplied of grapefruits (in millions of kilos) :

-Refer to the table above to answer this question.If buyers think that the price of grapefruits is going to rise,causing the demand to change by 6 million kilos,what will be the new equilibrium price and quantity?

• A)$2.50 and 28 million kilos
• B)$2.75 and 26 million kilos
• C)$2.50 and 26 million kilos
• D)$3.00 and 36 million kilos

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Definitions:

Alpha

A statistical significance level often set at 0.05 or 5%, indicating the probability threshold below which the observed data are considered statistically significant.

Null Hypotheses

The null hypothesis is a statement in statistical hypothesis testing that assumes no effect or no difference in the case of the study, serving as the default or initial assumption.

T-test

A statistical method employed to assess if there's a notable difference in the averages of two distinct groups.

Significance Level

A predetermined threshold for determining statistical significance in hypothesis testing, typically set at 0.05, which represents the risk of committing a Type I error.