It is given in the question that
Suppose the supply function for product x is given by
And we have to find how much of product x is produced when px = $600 and pz = $60.
And for that, we have to substitute 600 for px and 60 for pz, and on doing so, we will get
And that's the required answer .
Answer:
We accept the null hypothesis.
Step-by-step explanation:
We are given the following in the question:
Sample mean, = 28.8 miles per gallon
Sample size, n = 120
Alpha, α = 0.01
Sample standard deviation, σ = 6.89 miles per gallon
First, we design the null and the alternate hypothesis
We use Two-tailed t test to perform this hypothesis.
Formula:
Putting all the values, we have
Now, Since,
We fail to reject the null hypothesis and accept it.
We accept the null hypothesis and the population mean MPG of Toyota Highlander Hybrid vehicles is equal to 28 miles per gallon.