Suppose You Are Interested in Testing Whether the Mean Earning

question 20

Short Answer

Suppose you are interested in testing whether the mean earning of men in the General Social Survey is representative of the earning of the entire U.S.male population.If there are 372 men in the General Social Survey sample and approximately 128 million men in the population,calculate the degrees of freedom for this single-sample t test.

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Definitions:

Consumption Bundle

A combination of goods and services that a consumer chooses to consume given their budget constraints.

Utility Function

A mathematical representation of how consumers rank different bundles of goods according to their level of satisfaction or utility.

Consumption

The process by which goods and services are used up by consumers.

Indifference Curves

A graphical representation showing combinations of goods or services among which a consumer is indifferent, depicting equal levels of utility.