Tony can produce 107 a pairs of sandals or 107 units of dress per week. Nick can produce 46 pairs of sandals or X (X < 46) units of dress per week. They decide their time allocation together. Suppose their joint preference dictates that the sandal consumption to dress consumption ratio must be 1:1. Then they will optimally produce Answer field 1 pairs of sandals and Answer field 2 units of dress per week.

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Hypothesis Testing

In statistics, there are two ways to calculate the sample data. One is descriptive statistics and the other is inferential statistics.  In descriptive statistics, all of the information is defined through graphs and charts. In inferential statistics, it allows one to test the hypothesis and it is always used to predict the data. Inferential statistics has two main areas: estimating parameters and hypothesis testing. A hypothesis is a statement about the unknown parameter of the population which we want to verify from the information available from the sample. The premise may or may not be true. The estimation of the whole population would be a reasonable way of deciding if the statistical hypothesis is valid. There are two types of hypotheses. They are null hypothesis and alternative hypothesis.