A Sample of 61 Observations Yielded a Sample Standard Deviation

question 47

Multiple Choice

A sample of 61 observations yielded a sample standard deviation of 6. If we want to test H₀: σ² = 40, the test statistic is

• A) 54.
• B) 9.15.
• C) 54.90.
• D) 9.

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Definitions:

Fixed Costs

Business expenses that are not dependent on the level of goods or services produced by the business, such as rent and salaries.

Marginal Costs

The financial implication of manufacturing an extra unit of a product or service.

Market Demand

The total quantity of a good or service that all consumers in a market are willing and able to purchase at various prices within a given period.

Economic Profit

The profit a firm makes after subtracting both its explicit (direct) and implicit (indirect or opportunity) costs from its total revenues.