A Magician Has a Coin That May or May Not

question 1

Multiple Choice

A magician has a coin that may or may not be fair.The results of 30 flips of the coin are H H T H T H H T H H T H H T H T H H H T T T T T H H H H H T.Since the number of heads and tails are larger than 10,the test statistic R can be assumed to follow a normal distribution.The value of the test statistic is _____.

• A) -3.07
• B) 14.93
• C) 0.3484
• D) 3.07

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Definitions:

Competitive Industry

An economic sector characterized by a large number of firms that compete with each other to sell similar products or services, leading to efficiency and innovation.

Price

The cost anticipated, necessary, or paid out in return for acquiring something.

Long-Run Price

The price level at which economic forces such as supply and demand are balanced over a longer time frame, considering all inputs are variable.

Output

The amount of goods or services produced by a business, industry, or economy within a given period.