Assuming a Random Sample from a Large Population, for Which

question 36

Essay

Assuming a random sample from a large population, for which of the following nullhypotheses and sample sizes is the large-sample z test appropriate?
Show thecalculations leading to your responses.
a) Hp₀ : = 0.16, n= 50
b) Hp₀ : = 0.20, n=180

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Definitions:

Perfect Substitutes

Goods for which consumers are willing to replace one for the other at a constant rate, without affecting their level of utility.

Substitution Effect

The change in consumption patterns due to a change in relative prices, leading consumers to substitute one product for another.

Income Effect

The effect of modifications in earnings for a person or the economy on how much of a good or service is sought after.

Income Tax

A tax levied by governments on individuals or entities based on their income or profits.