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Consider the following hypotheses test.
Ho: μ ≥ 80 Ha: μ < 80
A sample of 121 provided a sample mean of 77.3. The population standard deviation is known to be 16.5.
a. Compute the value of the test statistic.
b. Determine the p-value; and at 93.7% confidence, test the above hypotheses.
c. Using the critical value approach at 93.7% confidence, test the hypotheses.
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An agreement among competing firms to control prices or exclude entry of a new competitor in a market.
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A state where resources are allocated in the most beneficial way for society, maximizing productivity while minimizing waste and inefficiency.
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