TABLE 13-9 It Is Believed That, the Average Numbers of Hours Spent

question 112

Multiple Choice

TABLE 13-9
It is believed that, the average numbers of hours spent studying per day (HOURS) during undergraduate education should have a positive linear relationship with the starting salary (SALARY, measured in thousands of dollars per month) after graduation. Given below is the Excel output for predicting starting salary (Y) using number of hours spent studying per day (X) for a sample of 51 students. NOTE: Only partial output is shown.

Note: 2.051E - 05 = 2.051*10⁻⁰⁵ and 5.944E - 18 = 5.944*10⁻¹⁸.
-Referring to Table 13-9, to test the claim that SALARY depends positively on HOURS against the null hypothesis that SALARY does not depend linearly on HOURS, the p-value of the test statistic is

• A) (5.944E-18)/2.
• B) 5.944E-18.
• C) (2.051E-05)/2.
• D) 2.051E-05.

Learn how government interventions (price floors and ceilings) impact consumer and producer surpluses.

Understand the importance and methods of calculating producer surplus.

Learn the economic welfare implications of changes in surplus.

Understand the concept of consumer surplus and its relationship to price changes.

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