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

question 31

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:

Barbie's Preferences

This term does not reference a recognized economic concept, but could figuratively refer to a theoretical model of consumer choice or preference, using Barbie as an example.

Good 1

Good 1 typically refers to a specific item or product in economic models, representing a variable used to analyze various economic scenarios.

Price Elasticity

An indicator of the sensitivity of the demand for a product to shifts in its price.

Demand Function

A mathematical representation of the relationship between the quantity of a good consumers are willing and able to buy and the price of the good.