Use the Traditional Method to Test the Given Hypothesis $$\begin{array} { l l l l l l l } 115 & 128 & 107 & 109 & 116 & 124 & 135 \\127 & 115 & 104 & 118 & 126 & 129 & 133\end{array}$$

question 60

Essay

Use the traditional method to test the given hypothesis. Assume that the population is normally distributed and that the sample has been randomly selected. For randomly selected adults, IQ scores are normally distributed with a standard deviation of 15. The scores of 14 randomly selected college students are listed below. Use a 0.10 significance level to test the claim that the standard deviation of IQ scores of college students is less than 15. Round the sample standard deviation to three decimal places. $$\begin{array} { l l l l l l l } 115 & 128 & 107 & 109 & 116 & 124 & 135 \\127 & 115 & 104 & 118 & 126 & 129 & 133\end{array}$$

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Definitions:

Price Decline

A decrease in the cost of goods or services, often resulting from lower demand, increased supply, or external market factors.

Supply Curve

A curve that illustrates the supply for a product by showing how each possible price (on the vertical axis) is associated with a specific quantity supplied (on the horizontal axis).

Equilibrium Price

The price at which the quantity of a product offered is equal to the quantity of the product in demand.

Elasticity Coefficient

A measure that quantifies how a change in one economic variable, such as price, affects the quantity demanded or supplied of another variable.