Question
In: Statistics and Probability
A personal fitness company produces both a deluxe and a standard model of a smoothie blender...
A personal fitness company produces both a deluxe and a standard model of a smoothie blender for home use. Selling prices obtained from a sample of retail outlets follow.
|
Retail Outlet |
Model Price ($) | |
|---|---|---|
| Deluxe | Standard | |
| 1 | 39 | 27 |
| 2 | 39 | 28 |
| 3 | 45 | 35 |
| 4 | 38 | 30 |
| 5 | 40 | 30 |
| 6 | 39 | 34 |
| 7 | 35 | 29 |
(a)
The manufacturer's suggested retail prices for the two models show a $10 price differential. Use a 0.05 level of significance and test that the mean difference between the prices of the two models is $10.
Calculate the value of the test statistic. (Round your answer to three decimal places.)
Calculate the p-value. (Round your answer to four decimal places.)
(b)
What is the 95% confidence interval for the difference between the mean prices of the two models (in dollars)? (Round your answers to nearest cent. Use the mean price for the deluxe model − the mean price for the standard model.)
$ to $
p-value =
Solutions
orchestra answered 1 year agoRelated Solutions
A manufacturer produces both a deluxe and a standard model of an automatic sander designed for...
A manufacturer produces both a deluxe and a standard model of an
automatic sander designed for home use. Selling prices obtained
from a sample of retail outlets follow.
Model Price
($)
Model Price
($)
Retail Outlet
Deluxe
Standard
Retail Outlet
Deluxe
Standard
1
41
27
5
40
30
2
39
30
6
39
34
3
44
35
7
35
29
4
38
30
The manufacturer's suggested
retail prices for the two models show a $10 price differential. Use
a .05...
A manufacturer produces both a deluxe and a standard model of an automatic sander designed for...
A manufacturer produces both a deluxe and a standard model of an
automatic sander designed for home use. Selling prices obtained
from a sample of retail outlets follow.
Model Price
($)
Model Price
($)
Retail Outlet
Deluxe
Standard
Retail Outlet
Deluxe
Standard
1
40
27
5
40
30
2
39
28
6
39
32
3
43
35
7
36
29
4
38
31
The manufacturer's suggested
retail prices for the two models show a $10 price differential. Use
a .05...
A manufacturer produces both a deluxe and a standard model of an automatic sander designed for...
A manufacturer produces both a deluxe and a standard model of an
automatic sander designed for home use. Selling prices obtained
from a sample of retail outlets follow.
Model Price
($)
Model Price
($)
Retail Outlet
Deluxe
Standard
Retail Outlet
Deluxe
Standard
1
40
27
5
40
30
2
39
28
6
39
32
3
43
35
7
36
29
4
38
31
The manufacturer's suggested
retail prices for the two models show a $10 price differential. Use
a .05...
A manufacturer produces both a deluxe and a standard model of an automatic sander designed for...
A manufacturer produces both a deluxe and a standard model of an
automatic sander designed for home use. Selling prices obtained
from a sample of retail outlets follow.
Model Price
($)
Model Price
($)
Retail Outlet
Deluxe
Standard
Retail Outlet
Deluxe
Standard
1
40
27
5
40
30
2
39
28
6
39
32
3
43
35
7
36
29
4
38
31
The manufacturer's suggested retail prices for the two models
show a $10 price differential. Use a .05...
A manufacturer produces both a deluxe and a standard model of automatic sander designed for home...
A manufacturer produces both a deluxe and a standard model of
automatic sander designed for home use. Selling prices obtained
from a sample of retail outlets follow.
Model Price($)
Model Price($)
RetailOutlet
Deluxe
Standard
RetailOutlet
Deluxe
Standard
1
39
27
5
40
30
2
39
29
6
39
35
3
46
35
7
35
29
4
38
31
What is the 95% confidence interval for the difference between
the mean prices of the two models (to 2 decimals)?
(X ,...
A company sells two products: a standard model and a deluxe model. The standard model sells...
A
company sells two products: a standard model and a deluxe model.
The standard model sells for $50 and has a contribution margin
ratio of 40%. The deluxe model sells for $100 and has a
contribution margin ratio of 50%. Last year, the company sold 5000
standard units and 2500 deluxe units.
There is $200,000 of cost that is “fixed” in the sense that it
does not vary with the number of units produced. However, $100,000
of this cost is...
Sales and Production Budgets Berring Company produces two products: the deluxe and the standard. The deluxe...
Sales and Production Budgets
Berring Company produces two products: the deluxe and the
standard. The deluxe sells for $40, and the standard sells for $10.
Projected sales of the two models for the coming four quarters are
given below.
Deluxe
Standard
First quarter
11,000
90,000
Second quarter
14,500
88,600
Third quarter
16,800
93,000
Fourth quarter
20,000
91,400
The president of the company believes that the projected sales
are realistic and can be achieved by the company. In the factory,
the...
Sales and Production Budgets Berring Company produces two products: the deluxe and the standard. The deluxe...
Sales and Production Budgets
Berring Company produces two products: the deluxe and the
standard. The deluxe sells for $40, and the standard sells for $10.
Projected sales of the two models for the coming four quarters are
given below.
Deluxe
Standard
First quarter
11,000
90,000
Second quarter
14,500
88,200
Third quarter
16,500
92,000
Fourth quarter
20,000
91,800
The president of the company believes that the projected sales
are realistic and can be achieved by the company. In the factory,
the...
A company that manufactures video cameras produces a basic model and a deluxe model. Over the...
A company that manufactures video cameras produces a basic model
and a deluxe model. Over the past year, 32% of the cameras sold
have been of the basic model. Of those buying the basic model, 35%
purchase an extended warranty, whereas 46% of all deluxe purchasers
do so. If you learn that a randomly selected purchaser has an
extended warranty, how likely is it that he or she has a basic
model? (Round your answer to four decimal places.)
Siegel Company manufactures a product that is available in both a deluxe model and a regular...
Siegel Company manufactures a product that is available in both
a deluxe model and a regular model. The company has manufactured
the regular model for years. The deluxe model was introduced
several years ago to tap a new segment of the market. Since
introduction of the deluxe model, the company’s profits have
steadily declined and management has become increasingly concerned
about the accuracy of its costing system. Sales of the deluxe model
have been increasing rapidly.
Manufacturing overhead is assigned...
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