Accrediting organizations expect hospitals to implement practices to prevent healthcare-associated infections (HAI). One importa
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Answer : The p-value of 0.0743 is greater than alpha at 0.05; so we fail to reject the null hypothesis and conclude that there is no significant difference in the number of unique users before and after a change in policy.
In this question, the manager wants to know if the number of users has changed.
So, the null and alternate hypotheses are:
Null Hypothesis:
Alternate Hypothesis :
Type of test : Two-tailed test
The level of significance is 95%
We can calculate alpha (α) as follows:
The p value = 0.0743.
We use the following rules to arrive at a conclusion when p-values and alpha is given:
If , reject the null hypothesis
If , we don't reject the null hypothesis.
Since the p-value is greater than alpha, we don't reject the null hypothesis.
Answer:
a. Decrease
b. Decline
c. Exit
d. No change
Explanation:
The market for gourmet chocolate is in the long-run equilibrium, and an economic downturn has caused the consumer disposable income to fall. Chocolate is a normal good, and the chocolate producers have identical cost structures.
a. This decline in the consumer income will reduce the purchasing power of the consumers. As a result, the demand will decrease. The demand curve will move to the left.
b. This leftward shift in the demand curve will cause the price to decline, As the price falls, the profits earned by the producers will decline as well.
c. In the long run, the firms operate at zero economic profits. So a decline in profits imply that the firms are operating at an economic loss. This will cause the loss incurring firms to exit the market.
d. The long run supply curve will remain the same. It is not affected by change in profits, it changes only with change in the state of technology or availability of resources.
