Suppose That Nine Observations Are Drawn from a Normal Population $\begin{array}{|l|l|l|l|l|l|l|l|l|}\hline 15&9&13&11&8&12&11&7&10 \\\hline\end{array}$

question 124

Essay

Suppose that nine observations are drawn from a normal population whose standard deviation is 2. The observations are: $\begin{array}{|l|l|l|l|l|l|l|l|l|}\hline 15&9&13&11&8&12&11&7&10 \\\hline\end{array}$ At 95% confidence, you want to determine whether the mean of the population from which this sample was taken is significantly different from 10.
a. State the null and alternative hypotheses.
b. Compute the value of the test statistic.
c. Compute the p-value.
d. Interpret the results.

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Definitions:

Trading Possibilities Curves

A graphical representation that shows the maximum amounts of goods that two countries can trade with each other, given their resources and technology.

Comparative Advantage

The skill of an entity—be it an individual, enterprise, or nation—to manufacture a product or deliver a service at a reduced opportunity cost than that of its competitors.

Production Possibilities

The various combinations of goods and services that an economy can produce, given its technological capabilities and available resources.

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors, leading to specialized production and trade benefits.