A monopolist faces the following demand curve, marginal revenue curve, total cost curve and marginal cost curve for its product:
1 answer:
You might be interested in
Answer:
<em>The calculated value Z = 2.53 >1.96 at 0.05 level of significance</em>
<em>Null hypothesis H₀ is rejected</em>
<em>we accepted alternative hypothesis </em>
<em>we conclude that those joining Weight Reducers will lose greater than 10 pounds</em>
Step-by-step explanation:
<u><em>Step(i)</em></u>:-
<em>Given the random sample size 'n' =50</em>
Given data a new weight-watching company, Weight Reducers International, advertises that those who join will lose an average of 10 pounds after the first two weeks. The standard deviation is 2.8 pounds.
<em>The mean of the Population 'μ' = 10pounds</em>
<em>The standard deviation of the Population 'σ' = 2.8 pounds</em>
<em>Given mean of the sample 'x⁻' = 9</em>
<em>Level of significance ∝ = 0.05</em>
<u><em>Step(ii)</em></u><em>:-</em>
<em>Null hypothesis :H₀: μ<10</em>
<em>Alternative hypothesis: H₁: μ>10</em>
<em>The test statistic </em>
<em>The calculated value Z = 2.53</em>
<em>The tabulated value Z = 1.96 at 0.05 level of significance</em>
<u><em>Step(iii)</em></u><em>:-</em>
<em>The calculated value Z = 2.53 >1.96 at 0.05 level of significance</em>
<em>Null hypothesis H₀ is rejected</em>
<em>we accepted alternative hypothesis </em>
<u><em>Conclusion</em></u><em>:-</em>
<em>we conclude that those joining Weight Reducers will lose greater than 10 pounds</em>
<em></em>
<em></em>
<em></em>