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We Are Interested in Testing a Null Hypothesis About a Population

question 45

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We are interested in testing a null hypothesis about a population mean being equal to a specified value using a simple random sample of size 25.In the past the population variable has shown a slight tendency to non-Normality (slight skewness but no strong outliers) .Why can we safely use a t procedure in this testing situation?


Definitions:

Opportunity Cost

The cost of forgoing the next best alternative when making a decision.

Alternative Use

Alternative use pertains to the different ways in which an asset or resource can be utilized apart from its current or primary purpose.

Cash

Money in the form of coins or banknotes, especially that held to conduct day-to-day transactions.

Opportunity Cost

The benefit that is missed or given up when an investor, individual, or business chooses one alternative over another.

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