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igor_vitrenko [27]
3 years ago
8

A statistics practitioner is n the process of testing to determine whether there is enough evidence to infer that the population

mean is different from 180. She calculated the mean and standard deviation of a sample of 200 observations as x-bar equals 175 and s = 22.
a. Calculate the value of the test statistic required to determine whether there is enough evidence at the 5% significance level. Use Excel to calculate the appropriate p-value as well.
b. Repeat part (a) with s = 45.
c. Repeat part (a) with s = 60.
d. Discuss what happens to the t statistic and the p-value when the standard deviation increases.

Business
1 answer:
slega [8]3 years ago
4 0

Answer

The answer and procedures of the exercise are attached in the following image.  

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

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Goods and services are not factors of production.

Factors of production are inputs that are needed to provide goods or services. They include, land, labor, capital, and entrepreneurship.

<h2>Further Explanation:</h2><h3>Factors of reproduction  </h3>
  • Factors of reproduction or resources are inputs or resources that are used in the generation of goods and services with an aim of making profit.
  • There are four main factors of production which include; Land, Labor, Capital and Entrepreneurship.
<h3>Land  </h3>
  • This refers to all the natural resources that are available to be used in the production of goods.
  • These natural resources includes raw materials from the ground, non-renewable resources such as petroleum and renewable resources such as timber.
  • The income or reward earned from land as a factor of production is rent.
<h3>Labor  </h3>
  • This refers to the manpower or work done by human beings.
  • The value of labor depends on the skills, education and motivation of workers.  
  • The reward for labor as a factor of production is wages and salaries.
<h3>Capital  </h3>
  • This refers to the capital goods, that is, man-made objects that are used for production of goods and services such as machinery, equipment and chemicals.
  • They also include industries and commercial buildings.
  • The reward or income earned from capital goods is interest  
<h3>Entrepreneurship  </h3>
  • It involves coming up with an idea and developing it into profitable business.
  • An entrepreneur is therefore an individual who combines the other factors of production to build a business and add the supply in the economy.
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Keywords: Factors of production, labor, land, capital  

<h3>Learn more about</h3>
  • Factors of reproduction: brainly.com/question/9637316
  • Reward for factors of reproduction: brainly.com/question/9637316
  • Capital goods: brainly.com/question/11672036
  • Consumer goods: brainly.com/question/3227054

Level: High school  

Subject: Business  

Topic: Factors of reproduction

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