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.
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.
1 answer:
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Answer and Explanation:
From the diagram in the picture (please find attached) we see that the competitive price and quantity lies at the marginal cost( which the producer cannot go below). The consumer surplus lies just below the demand curve(the downward sloping curve with) and the producer surplus is above the marginal cost. Note the producer surplus is the difference between what the supplier is willing to sell and how much he actually sells, the marginal cost is the lowest the supplier would want to sell. This applies to the consumer surplus too
The producer surplus region was indicated with vertical strokes in the diagram attached
