You Are Given the Following Information Obtained from a Random

question 63

Essay

You are given the following information obtained from a random sample of 5 observations.Assume the population has a normal distribution. ​
You want to determine whether or not the mean of the population from which this sample was taken is significantly less than 21.
a.
State the null and the alternative hypotheses.
b.
Compute the standard error of the mean.
c.
Determine the test statistic.
d.
Determine the p-value and at the 10% level of significance, test whether or not the mean of the population is significantly less than 21.

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Definitions:

Economic Rent

A payment to an owner or factor of production in excess of the costs needed to bring that factor into production.

Marginal Revenue Product

The additional revenue generated from using one more unit of a factor of production.

Wages

Payments made to employees for their labor, typically calculated on an hourly, daily, or piecework basis.

Economic Rent

The excess payment made to a factor of production over and above what would be needed to keep it in its current use.