Use the Following Data for the Next Questions

question 10

Short Answer

Use the following data for the next questions. Biologists, researching the effects
of adding limestone sand as buffer for acid rain effects in streams, monitored the
pH levels of two streams each month for 36 months. The first stream had a mean
pH level of 6.8 with a standard deviation of 2.3. The control stream had a mean pH
level of 9.2 with a standard deviation of 1.5. Assume a .05 significance level for
testing the claim that the mean pH of the first stream was less (more acidic) than
the mean pH of the control stream. Also, assume the two samples are independent
simple random samples selected from normally distributed populations.
-Use a .05 significance level to find the F test statistic for the claim that the pH level in the first stream has a standard deviation different from that in the second stream.

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Definitions:

Opportunity Cost

The missed opportunity for profit from different options when a specific choice is made.

Resources

Assets, materials, and inputs used to produce goods and services, including land, labor, capital, and entrepreneurship.

Mental Accounting

A concept in behavioral economics where individuals categorize and treat money differently depending on its origin, intended use, or other subjective criteria, affecting spending and investment decisions.

Loss Aversion

A cognitive bias reflecting the tendency for people to prefer avoiding losses to acquiring equivalent gains, suggesting that losses are perceived as more severe than gains.