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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 210

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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
A production manager is interested in modeling the determinants of the average cost of production.He creates the following model: Y = β0 + β1X1 + β2X2 + β3

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: A production manager is interested in modeling the determinants of the average cost of production.He creates the following model: Y = β<sub>0</sub> + β<sub>1</sub>X<sub>1</sub> + β<sub>2</sub>X<sub>2</sub> + β<sub>3</sub> <sub> </sub> + ε,where X<sub>1</sub><sub> </sub>is the cost per unit of the primary input,and X<sub>2</sub> is the level of output.He examines the records over the past 45 production runs and obtains the following results: . -What would the manager's null and alternative hypotheses for testing the significance of β<sub>2</sub><sub> </sub>be? A) H<sub>0</sub> : β<sub>2</sub><sub> </sub>= 0 and H<sub>1</sub> : β<sub>2</sub> > 0 B) H<sub>0</sub> : β<sub>2</sub> > 0 and H<sub>1</sub> : β<sub>2</sub><sub> </sub>< 0 C) H<sub>0</sub> : β<sub>2</sub><sub> </sub>≠ 0 and H<sub>1</sub><sub> </sub>: β<sub>2</sub><sub> </sub>= 0 D) H<sub>0</sub> : β<sub>2</sub><sub> </sub>= 0 and H<sub>1</sub><sub> </sub>: 0 < β<sub>2</sub> < 1
+ ε,where X1 is the cost per unit of the primary input,and X2 is the level of output.He examines the records over the past 45 production runs and obtains the following results: THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: A production manager is interested in modeling the determinants of the average cost of production.He creates the following model: Y = β<sub>0</sub> + β<sub>1</sub>X<sub>1</sub> + β<sub>2</sub>X<sub>2</sub> + β<sub>3</sub> <sub> </sub> + ε,where X<sub>1</sub><sub> </sub>is the cost per unit of the primary input,and X<sub>2</sub> is the level of output.He examines the records over the past 45 production runs and obtains the following results: . -What would the manager's null and alternative hypotheses for testing the significance of β<sub>2</sub><sub> </sub>be? A) H<sub>0</sub> : β<sub>2</sub><sub> </sub>= 0 and H<sub>1</sub> : β<sub>2</sub> > 0 B) H<sub>0</sub> : β<sub>2</sub> > 0 and H<sub>1</sub> : β<sub>2</sub><sub> </sub>< 0 C) H<sub>0</sub> : β<sub>2</sub><sub> </sub>≠ 0 and H<sub>1</sub><sub> </sub>: β<sub>2</sub><sub> </sub>= 0 D) H<sub>0</sub> : β<sub>2</sub><sub> </sub>= 0 and H<sub>1</sub><sub> </sub>: 0 < β<sub>2</sub> < 1
.
-What would the manager's null and alternative hypotheses for testing the significance of β2 be?

Definitions:

Ordinance of 1785

A law that regulated land sales in the Old Northwest. The land surveyed was divided into 640-acre plots and sold at $1 per acre.

Self-Government

A form of government in which the people govern themselves without external control.

Apportioning

The process of distributing or allotting something among various parties, often used in the context of legislative representation or resource allocation.

Northwest Territory

The historical region of the United States that encompassed the area northwest of the Ohio River, established by the Northwest Ordinance of 1787, and fundamental in the country's expansion westward.

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