ACT scores of a sample of UTC students are shown below.
a.Compute the mean and the variance.
b.At 95% confidence,test to determine whether or not the variance of the ACT scores of the population of UTC students is significantly more than 8.
Definitions:
Monopolistically Competitive
A market structure featuring many firms selling products that are similar but not identical, allowing for some degree of market power and price setting.
Long Run
A period in economics during which all factors of production and costs are variable, allowing firms to adjust all inputs.
Deli
A short form for delicatessen, which is a store or counter specializing in prepared foods, sandwiches, and specialty groceries.
Zero Economic Profits
A condition in perfect competition where firms earn just enough revenue to cover their total costs, leading to no supernormal profit in the long term.
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