For the Following Questions:
-In the Population, We'd Expect Weekly

question 53

Essay

$\begin{array}{|c|c|}\hline \text { Weekly salary } & \text { Weekly expenses } \\\hline 543 & 486 \\\hline 436 & 410 \\\hline 637 & 523 \\\hline 430 & 486 \\\hline 527 & 477 \\\hline 586 & 361 \\\hline 396 & 597 \\\hline 657 & 321 \\\hline 463 & 492 \\\hline 726 & 414 \\\hline\end{array}$ For the following questions:
-In the population, we'd expect Weekly Expenses to have a mean of 525, but you want to know if your sample comes from a different population with a lower mean.
1)State the research question.
2)State the hypotheses.
3)State the critical value.
4)Provide the formal test of the hypothesis.
5)State the confidence interval.
6)Is an effect size calculation appropriate? How do you know? If yes, calculate both a standardized and unstandardized effect size.
7)State all appropriate conclusions.

---

Definitions:

Retained Earnings

The portion of net income not distributed as dividends to shareholders, but retained by the company for reinvestment.

MACRS 3-Year Class

A category under the Modified Accelerated Cost Recovery System (MACRS) for depreciating certain types of business property over three years.

Amortized

Amortization is the process of spreading out a loan into a series of fixed payments over time, covering both principal and interest.

Residual Value

The estimated value of an asset at the end of its useful life.