Consider the Following Hypothesis Test

question 24

Essay

Consider the following hypothesis test:
H₀: μ = 10
H_a: μ ≠ 10
A sample of 81 provides a sample mean of 9.5 and a sample standard deviation of 1.8.
a.
Determine the standard error of the mean.
b.
Compute the value of the test statistic.
c.
Determine the p-value; and at the 5% level, test the above hypotheses.

Comprehend the role of supply curve in determining costs and producer surplus.

Measure the efficiency and equality implications of market equilibriums and policies.

Calculate total surplus and understand its division between consumers and producers.

Understand the impact of market policies, including ticket scalping and price ceilings, on consumer and producer welfare.