The Department of Economic and Community Development DECD) Reported That

question 88

Short Answer

The Department of Economic and Community Development DECD) reported that in 2009 the average number of new jobs created per county was 450. The department also provided the following information regarding a sample of 5 counties in 2010.
County New Jobs Created In 2010
Bradley 410
Rhea 480
Marion 407
Grundy 428
Sequatchie 400
a. Compute the sample average and the standard deviation for 2010.
b. We want to determine whether there has been a significant decrease in the average number of jobs created. Provide the null and the alternative hypotheses.
c. Compute the test statistic.
d. Compute the p-value; and at 95% confidence, test the hypotheses. Assume the population is normally distributed.

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Definitions:

Industry Demand

The total demand for the products or services produced by a specific industry, reflecting the collective demand of all consumers in the market.

Losses

Financial deficits that occur when the costs of operating a business exceed the revenue generated from selling goods or services.

P = MC

This equation represents the condition where the price (P) of a product equals the marginal cost (MC) of producing one additional unit, typically illustrating a firm's optimal production point in perfectly competitive markets.

MC = ATC

The condition where marginal cost equals average total cost, often used to identify the point of minimum average cost in the short run.