Test the Claim That $\sigma \leq 10.74 \text { if } \mathrm { n } = 20 , \mathrm {~s} = 14.94 \text {, and } \alpha = 0.01 \text {. }$

question 149

Essay

Test the claim that $\sigma \leq 10.74 \text { if } \mathrm { n } = 20 , \mathrm {~s} = 14.94 \text {, and } \alpha = 0.01 \text {. }$ Assume that the population is normally
distributed.

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Definitions:

Price Floor

A government or regulatory-imposed minimum price for a particular good or service, above the equilibrium price.

Government Purchases

Expenditures by government entities on goods and services that are part of government consumption or investment.

Producer Surplus

The difference between the amount producers receive from selling a good or service and the minimum amount they would accept for that good or service.

Price Floor

A price floor is a government- or authority-set minimum price below which a particular good or service cannot legally be sold, aiming to prevent prices from falling too low.