Your company purchased a piece of land five years ago for $150,000 and subsequently added $175,000 in improvements. The current
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Answer:
b. a one-tail test should be utilized.
Explanation:
It can be said that the best way for the economist to make this determination would be to use a one-tail test. This is a statistical test in which the critical area of a distribution is one-sided, making it either exceed or fall short of a certain value, but not both as seen in the graph below. Which in this case, the certain value would be $50,000 and the information will be on either side. Thus showing the economist if the mean family income truly exceeds the $50,000
