A Company Is Researching the Effectiveness of a New Website

question 55

Multiple Choice

A company is researching the effectiveness of a new website design to decrease the time to access a website. Five website users were randomly selected, and their times (in seconds) to access the website with the old and new designs were recorded. To compare the times, they computed (new website design time - old website design time) . The results follow. For a 0.01 significance level, what is the critical value?

• A)2.256
• B)1.895
• C)3.747
• D)2.447

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Definitions:

Demand Curve

A diagram depicting how the demand for an item varies with its price, generally characterized by a downward trajectory.

Marginal Revenue

The additional earnings gained by selling an extra unit of a good or service.

Marginal Cost

Expenses incurred in creating one more unit of a product.

Perfect Competition

A market structure characterized by a large number of buyers and sellers, identical products, and no barriers to entry or exit.