It Is Estimated That the Average Person in the US

question 105

Multiple Choice

It is estimated that the average person in the US uses 123 gallons of water per day.Some environmentalists believe this figure is too high and conducted a survey of 40 randomly selected Americans.They find a mean of 113.03 gallons and a standard deviation of 25.99 gallons.Calculate the p-value for this test statistic.

• A)0.4925
• B)-0.0075
• C)0.0075
• D)0.015
• E)0.352

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Definitions:

Indifference Curve

A graphical representation showing combinations of goods or services that provide the same level of satisfaction to a consumer.

Apples

Edible fruits from the Malus domestica tree, characterized by their sweet taste and variety of colors, and consumed worldwide.

Bananas

A type of elongated, edible fruit produced by various kinds of large herbaceous flowering plants in the genus Musa.

Perfect Substitute

Goods that a consumer perceives as identical in utility, meaning the consumer is willing to substitute them for one another at a constant rate.