Assume That a Simple Random Sample Has Been Selected from a Normally

question 21

Essay

Assume that a simple random sample has been selected from a normally distributed population. Find the test statistic, P-value, critical value(s), and state the final conclusion.
-A large software company gives job applicants a test of programming ability and the mean for that test has been 160 in the past. Twenty-five job applicants are randomly selected from one large university and they produce a mean score and standard deviation of 183 and 12, respectively. Use a 0.05 level of significance to test the claim that this sample comes from a population with a mean score greater than 160.

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Definitions:

Perfectly Competitive

A market structure characterized by a large number of small firms, a homogeneous product, and freedom of entry and exit, leading to price taking behavior by all firms.

Long-run Equilibrium

Describes a state in a market where supply equals demand, with sufficient time for all factors of production to adjust and no external pressures.

Demand

The measure of a commodity or service consumers intend and are able to acquire at multiple price levels during a set time span.

Economic Profits

Profits exceeding the opportunity costs of all resources employed, including both explicit and implicit costs, signifying above-normal returns.