Cassie's Quilts Alters,reconstructs,and Restores Heirloom Quilts

question 52

Multiple Choice

Cassie's Quilts alters,reconstructs,and restores heirloom quilts.Cassie has just spent $800 purchasing,cleaning,and reconstructing an antique quilt which she expects to sell for $1,500 once she is finished.After having spent $800,Cassie discovers that she would need some special period fabric that would cost her $200 in material and time in order to complete the task.Alternatively,she can sell the quilt "as is" now for $900.What should she do?

• A)She should cut her losses and sell the quilt now.
• B)It does not matter what she does; she is going to take a loss on her project.
• C)She should purchase the period fabric,complete the task and then sell the quilt.
• D)She should not do any more work on the quilt because she has already spent too much time on it and has not been paid for that time.

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Definitions:

Highly Significant

A term used in statistical analysis to denote results that vastly exceed the threshold for statistical significance, often suggesting a strong effect or association.

p < .001

p < .001 indicates that the probability of the observed data, or something more extreme, assuming the null hypothesis is true, is less than 0.1%, which is considered highly statistically significant.

Within-group Variability

The measure of how much individual observations in a single group differ from each other in a dataset.

Null Hypothesis

A statement in statistics that assumes there is no significant difference or effect in a given situation, until evidence proves otherwise.