A Large University Is Interested in Learning About the Average $\mathrm { H } _ { 0 }$

question 57

Short Answer

A large university is interested in learning about the average time it takes students to drive to campus. The university sampled 51 students and asked each to provide the amount of time they spent traveling to campus. The sample results found that the sample mean was 23.243 minutes and the sample standard deviation was 20.40 minutes. Find the rejection region for determining if the population standard deviation exceeds 20 minutes. Use α = 0.05. A) Reject $\mathrm { H } _ { 0 }$ if $\mathrm { z } > 1.645$
B) Reject $\mathrm { H } _ { 0 }$ if $\chi ^ { 2 } > 67.5048$
C) Reject $\mathrm { H } _ { 0 }$ if $\chi ^ { 2 } > 71.4202$
D) Reject $\mathrm { H } _ { 0 }$ if $\chi ^ { 2 } > 34.7642$ 2 Perform Test of Hypothesis for Population Variance

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Definitions:

Inflationary Gap

A situation where the total demand for goods and services exceeds the total supply at current prices, leading to upward pressure on prices and inflation.

Full Employment GDP

The level of gross domestic product achieved when the economy is fully employing all available labor and resources, maximizing output.

Aggregate Supply

The aggregate amount of products and services that companies in an economy intend to sell over a particular time frame.

Deficit

A financial situation where expenses exceed income or imports exceed exports.