Use the Following to Answer Questions 21-24

question 54

Multiple Choice

Use the following to answer questions 21-24:
A landscaping company hypothesizes that the median number of lawns they mow in a weekend is 20. They tabulated the number of lawns mowed in a random sample of 14 weekends. = .05) , taken from Table J in the text:
-Use the test value, the critical value, and the appropriate table to decide if the landscaping company's hypothesis that they mow a median of 20 lawns per weekend valid at α = 0.10?

• A) Yes. The test value is greater than the critical value, so the null hypothesis is not rejected.
• B) No. The test value is greater than the critical value, so the null hypothesis is rejected.
• C) Yes. The test value is less than the critical value, so the null hypothesis is not rejected
• D) No. The test value is less than the critical value, so the null hypothesis is rejected

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Definitions:

Marginal Product

The additional output gained by employing one more unit of a given input.

Resource Maximization

It is the technique or strategy of optimally utilizing resources to achieve the highest possible output or efficiency.

Least-costly Combination

A perfect combination of resources that lowers the production cost while reaching a target output level.

Profits

Financial gains realized when the revenues from business activities exceed the expenses, costs, and taxes needed to sustain the operation.