In Testing the Hypotheses $H _ { 0 }$ $\mu = 20$

question 86

Essay

In testing the hypotheses $H _ { 0 }$ : $\mu = 20$ . $H _ { 1 } : \mu < 20$ .
the following information was given: $\sigma = 8.1 , \quad n = 100 , \quad \bar { x } = 18.1 , \quad \alpha = 0.025$ .
a. Calculate the value of the test statistic.
b. Set up the rejection region.
c. Determine the p-value.
d. Interpret the result.

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Definitions:

Consumption Function

An economic formula representing the functional relationship between total consumption and gross national income.

Aggregate Income

The total income earned by all individuals and entities within an economy.

Aggregate Consumption

The total amount of goods and services consumed in an economy within a given period.

Consumption Function

A mathematical expression describing the association between gross national income and the total amount spent on consumption.