Consider the Following to Answer the Question(s) Below

question 9

Multiple Choice

Consider the following to answer the question(s) below:
A large software development firm recently relocated its facilities. Top management is interested in fostering good relations with their new local community and has encouraged their professional employees to engage in local service activities. They believe that the firm's professionals volunteer an average of more than 15 hours per month. If this is not the case, they will institute an incentive program to increase community involvement. A random sample of 24 professionals reported the following number of hours:
The sample has a mean of 16.6 hours and a standard deviation of 2.22 hours.
-The correct null and alternative hypotheses are

• A) H0 : µ = 15 and HA : µ < 15.
• B) H0 : µ = 15 and HA : µ > 15.
• C) H0 : µ = 15 and HA : µ ≠ 15.
• D) H0 : µ ≠ 15 and HA : µ = 15.
• E) H0 : µ < 15 and HA : µ > 15.

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Definitions:

Unitary Demand

A market condition in which the demand for a product is directly proportional to changes in its price, leading to a constant revenue.

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded for a given period.

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units of output.

Price Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good.