Explain Briefly the Steps Involved in Conducting a Hypothesis Test

question 72

Essay

Explain briefly the steps involved in conducting a hypothesis test.

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Definitions:

Efficiency

The extent to which time, effort, or cost is well used for the intended task or purpose.

Equity

Fairness or justice in the way people are treated, or in financial terms, the value of an ownership interest in property, including shareholders' equity in a business.

Efficiency

The optimal allocation of resources to maximize the production of goods and services.

Total Surplus

The total net gain to society from creating and using goods and services, shown by adding together consumer and producer surplus.