Tutor O-rama claims that their services will raise student SAT math scores at least 50 points. The average score on the math portion of the SAT is μ = 350 and σ = 35. The 100 students who completed the tutoring program had an average score of 385 points. Is the average score of 385 points significant at the 5% level? Is it significant at the 1% level? Explain why or why not. PLEASE REWORD THESE PARAGRAPHS IN YOUR OWN WORDS. PLEASE DO NOT USE THE SAME WORDS AS IN THE PARAGRAPHS. THANKS. · 1-According to Lisa Huddlestun, "Macroeconomics is the study of behaviors and activities of the economy as a whole, looks at such areas as the Federal Reserve System, unemployment, gross domestic product (GDP), and business cycles" (Huddlestun 2015.) The Federal Reserve System's most important attribute is the regulation of the supply of money in circulation. This is important to the economy because it influences interest rates, money available for loans, and the overall price level of the economy. Unemployment could mean a loss of income for individuals and lost production for the economy. There are three type of unemployment; frictional unemployment, cyclical unemployment, and structural unemployment. Frictional includes people that have quit their jobs or have been fired causing them to be unemployed. Cyclical is related to the economy, such as being laid off during a recession. Structural unemployment is when someone hasn't been hired because they do not have the required skills or do not live in a high employment area. The gross domestic product (GDP) is determined by total economic spending. Economic spending includes consumer, business, and government spending. Lisa states, GDP is "the market value of all final products produced in a year's time" (Huddlestun 2015.) Economic performance is measured by GDP. An increase in GDP means the economy is growing. GDP also determines if there will be inflation or not. Policy makers look at past and present GDP to formulate policies to help economic growth. If we have economic growth then we could have an increase in production of goods and services. Microeconomics according to Lisa is, "the individual components of the economy, such as costs of production, maximizing profits, and the different market structures" (Huddlestun 2015.) Businesses are the suppliers of goods and services the individual wants. Most businesses want to make a profit, or maximize their profits. The level of output must be determined to help result in the greatest profit. Cost of production has a huge part in this. There are two types of cost production; variable and fixed costs. Fixed costs are costs that do not vary with the level of output, for example a rent payment. Variable costs are cost that change with level of output, like wages and raw material. · 2-This was a great video for the theory of supply and demand. I was able to relate particularly about the housing market as someone who was a real estate investor in 2005. I ...