The sample standard deviation of the monthly sales (in thousands of dollars)of a telecommunications firm in U.S.for two years,2010 and 2011,is computed as 6.7.Assuming that the sales data are drawn from a normally distributed population,conduct the following hypothesis tests for the population variance.Use the critical value approach at α = 0.05.
A) 
b. 
Definitions:
Price-Taker Market
A competitive market situation where individual sellers or buyers have no influence over the market price of a product.
Market Price
The current price at which an asset or service can be bought or sold in a given market.
Economic Incentive
A benefit or penalty that motivates economic behavior or decisions among individuals or organizations.
Price-Taker Market
A market condition where individual buyers or sellers have no power to influence the price of goods and services, typically due to high competition and standardized products.
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