The Following Data Are Believed to Have Come from a Normal

question 131

Essay

The following data are believed to have come from a normal probability distribution. The mean of this sample equals 26.80,and the standard deviation equals 6.378.Use the goodness-of-fit test at the 5% significance level to test whether the data indeed come from a normal distribution.

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Definitions:

Herfindahl Indexes

A measure of market concentration used to determine the level of competition among firms within an industry, calculated by summing the squares of the market shares of each firm.

Concentration Ratio

A measure of the total market share that is controlled by a specified number of the largest firms within an industry, indicating the level of market competition.

Mutual Interdependence

A situation in which a change in price strategy (or in some other strategy) by one firm will affect the sales and profits of another firm (or other firms). Any firm that makes such a change can expect its rivals to react to the change.

Price Competition

A market strategy where companies reduce prices to attract consumers, often leading to a race to the bottom.