A University Wants to Increase Its Retention Rate of 4

question 40

Essay

A university wants to increase its retention rate of 4% for graduating students from the previous year.After implementing several new programs during the last two years,the university reevaluated its retention rate using a random sample of 352 students and retained 18 students.Should the university continue its new programs? Test an appropriate hypothesis using α = 0.10 and state your conclusion.Be sure the appropriate assumptions and conditions are satisfied before you proceed.

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Definitions:

Capital

Financial assets or the financial value of assets, such as cash and goods, used in production or to generate income.

Worker

An individual who provides labor or services to an employer in exchange for wages, salary, or other forms of compensation.

Output

The total amount of goods and services produced by an economy, business, or machine over a specific period.

Per-Worker Production Function

A graphical representation showing the relationship between the amount of output produced per worker in a firm and various amounts of capital per worker.