Based on a Random Sample of 25 Units of Product

question 62

Multiple Choice

Based on a random sample of 25 units of product X,the average weight is 102 lbs. ,and the sample standard deviation is 10 lbs.We would like to decide if there is enough evidence to establish that the average weight for the population of product X is greater than 100 lbs.Assume the population is normally distributed.What is the p-value for this test?

• A)8413
• B)0228
• C)3174
• D)1587

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Definitions:

Economic Theory

A concept or principles developed to explain how economies work and how economic agents interact.

Substitute Goods

Goods or services that act as substitutes for each other, meaning that if the price of one goes up, the demand for the other also rises.

Production Costs

The total expenses incurred in manufacturing a product or offering a service, including raw materials, labor, and overhead.

Consumer Income

The total amount of income a consumer or household earns from various sources, including employment, investments, and benefits, which impacts their spending and saving behaviors.