Two Professional Football Scouts Are in the Process of Recruiting

question 30

Essay

Two professional football scouts are in the process of recruiting 7 new football players (receivers).After a careful review and evaluation,both scouts ranked the seven receivers in terms of their professional career prospects.If we want to determine whether the two scouts have similar opinions about the professional football career prospects of the seven players,state the null and alternative hypothesis.

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Definitions:

Total Surplus

The aggregate of consumer surplus plus producer surplus in a marketplace, symbolizing the overall advantages to society.

Consumer Surplus

The incongruity between the price consumers are willing to offer for a good or service versus the final cost.

Increase Supply

An upward shift in the supply curve, indicating more of a good or service is available for sale at any given price, usually the result of factors like improved technology or decreased production costs.

Consumer Surplus

Consumer surplus is the difference between the total amount that consumers are willing to pay for a good or service and the total amount they actually pay.