Answer to Question #137736 in Economics for Susan Gerea

Question

7. Ecologists have a long advocated recycling newspaper as a way of saving trees and reducing landfills. In recent years, a number of companies have gone into the business of collecting used newspapers from households and recycling them. A financial analyst for one such company has recently calculated that the firm would make a profit if the mean weekly newspaper collection from each household exceeded 1 kg. In a study to determine the feasibility of a recycling plant, a random sample of 100 households showed that the mean and the sample standard deviation of the weekly weight of newspapers discarded for recycling are (mean =1.1kg and SD=0.35Kg). Do these data provide sufficient evidence at the 1% significance level to allow the analyst to conclude that a recycling plant would be profitable? [Define your parameter and show all 6 steps procedure] (10 marks)

Answer 1

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