Suppose the monthly operating profits for the past two financial years for arandom sample of20 open market vendors operating at Oshetu open market are as follows:Vendor Operating profits (N$1000s) 2022 financialyearOperating profits (N$1000s) 2023 financialyear1 29.5 302 70.3 69.53 69.4 704 46.6 425.63.6 636 85.5 857 100.3 99.88 34.3 349 20.2 2210 52.5 53.511 88.8 85.212 60.9 6213 55.1 5514 98.4 9715 60.6 6216 64.0 6317 46.4 4518 80.6 89FACULTY OF COMMERCE, MANAGEMENT AND LAWOLD CURRICULUM MODULESPage 13 of 1519 77.7 7820 29.2 30Required:a) Develop and interpret a 90% confidence interval for the population meanoperatingprofits for the 2023 financial year.b) Using hypothesis testing, test whether there is a significant differencebetween themean operating profits for the two financial years. Use ?? = 0.01

Step 1: Consider the data as such,Vendor2022 Profits (X)2023 Profits (Y)Differences…

Answered: Suppose the monthly operating profits…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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I am having trouble understanding how to calculate the economic and accounting profits for this question. I know that Accounting profit is Revenue - all costs, but based on how this question is phrased, it isn't clear exactly what is being considered revenues and costs incurred. If you could help me understand these calcualations better, that would be great! Thanks!
Please answer question with details on how to do it. Thank you.
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