Suppose all firms in an industry have the following long-run total cost curve

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The average annual miles driven per vehicle in the United States is 11.1 thousand miles, with σ ≈ 600 miles. Suppose that a random sample of 41 vehicles owned by residents of Chicago showed that the average mileage driven last year was 10.9 thousand miles. Does this indicate that the average miles driven per vehicle in Chicago is different from (higher or lower than) the national average? Use a 0.05 level of significance. (a) What is the level of significance? What is the value of the sample test statistic? (Round your answer to two decimal places.) (c) Find the P-value. (Round your answer to four decimal places.) Pyramid Lake is on the Paiute Indian Reservation in Nevada. The lake is famous for cutthroat trout. Suppose a friend tells you that the average length of trout caught in Pyramid Lake is μ = 19 inches. However, a survey reported that of a random sample of 51 fish caught, the mean length was x = 18.7 inches, with estimated standard deviation s = 3.2 inches. Do these data indicate that the average length of a trout caught in Pyramid Lake is less than μ = 19 inches? Use α = 0.05. (a) What is the level of significance? What is the value of the sample test statistic? (Round your answer to three decimal places.) (c) Find the P-value. (Round your answer to four decimal places.)

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