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According to a national survey,the average commuting time for people who commute to a city with a population of 1 to 3 million is 19.0 minutes.Suppose a researcher lives in a city with a population of 2.4 million and wants to test this claim in her city.Taking a random sample of 20 commuters,she calculates a mean time of 19.346 minutes and a standard deviation of 2.842 minutes.Calculate the appropriate test statistic to test the hypotheses.
Consumer Surplus
The variance between the price consumers intend to pay for a good or service and the price they actually incur.
Marginal Utility
The extra pleasure or benefit gained by a consumer from using one more unit of a product or service.
Total Utility
The absolute gratification obtained from the utilization of a designated complete quantity of a good or service.
Total Utility
The total satisfaction received from consuming a certain amount of a good or service.
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