The Department of Economic and Community Development (DECD) reported that in 2009 the average number of new jobs created per county was 450. The department also provided the following information regarding a sample of 5 counties in 2010.
a.Compute the sample average and the standard deviation for 2010.
b.We want to determine whether there has been a significant decrease in the average number of jobs created. Provide the null and the alternative hypotheses.
c.Compute the test statistic.
d.Compute the p-value; and at 95% confidence, test the hypotheses. Assume the population is normally distributed.
Definitions:
Money Rate
Often referring to the interest rates in financial markets; the cost of borrowing money.
Time Preference
The inclination of individuals to prefer goods and services in the present rather than in the future.
Time Preference
This concept describes individuals' preference for immediate benefits over future ones, influencing their decisions on saving, investing, and consumption.
Time Preference
An individual's preference for receiving goods or services sooner rather than later.
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