Question

In: Statistics and Probability

Question 2: [15 marks, 5 each] Manufacturing and Product Development: The actual width of a 2×4...

Question 2: [15 marks, 5 each] Manufacturing and Product Development:
The actual width of a 2×4 piece of lumber is approximately 1 3/4 in (1.75 in). but can vary considerably. Larry’s Lumber advertises consistent dimensions for better building, and claims all 2×4 sold have a mean width of 1 3/4 in. with a standard deviation of 0.02 in.
a. [5 marks] Assume the distribution of widths is approximately normal. Find a symmetric interval about the mean that contains almost all of the 2×4 widths. Show your work. (1.75
b. [5 marks] Suppose a random 2×4 has width 1.78 in. Is there any evidence to suggest the Larry’s Lumber claim is wrong? Justify your answer.
c. [5 marks] Suppose a random 2×4 has width 1.68 in. Is there any evidence to suggest the Larry’s Lumber claim is wrong? Justify your answer.

Solutions

Expert Solution

Thre symmetric data is shown on normal distribution graph below

There is no enough evidence to prove that the Lary's Lumber claim is  wrong.

Thus we accept the null hypothesis and reject the alternate hypothesis.

And the clain that mean is 1.75 inches is correct

Here we have enough evidence to reject the null hypothesis and accept the alternate hypothesis that the mean of lumber width is different from 1.75inches.


Related Solutions

Question 2: [15 marks, 5 each] Manufacturing and Product Development: The actual width of a 2×4...
Question 2: [15 marks, 5 each] Manufacturing and Product Development: The actual width of a 2×4 piece of lumber is approximately 1 3/4 in (1.75 in). but can vary considerably. Larry’s Lumber advertises consistent dimensions for better building, and claims all 2×4 sold have a mean width of 1 3/4 in. with a standard deviation of 0.02 in. [5 marks] Assume the distribution of widths is approximately normal. Find a symmetric interval about the mean that contains almost all of...
Question 5: Hypothesis Testing: Each question is worth 7.5 marks: Total (15 marks) A. Suppose we...
Question 5: Hypothesis Testing: Each question is worth 7.5 marks: Total A. Suppose we know the standard deviation of the population is 3.7. We have a sample size of 625. We also have a sample mean of 46. We also have a population mean of 43. We want to test the hypothesis for the sample mean with 78% confidence level and do a two-tailed test on the hypothesis. State the null and alternate hypothesis for the sample mean and then...
The actual width of a 2×4 piece of lumber is approximately 1 3/4 in (1.75 in)....
The actual width of a 2×4 piece of lumber is approximately 1 3/4 in (1.75 in). but can vary considerably. Larry’s Lumber advertises consistent dimensions for better building, and claims all 2×4 sold have a mean width of 1 3/4 in. with a standard deviation of 0.02 in. a. [5 marks] Assume the distribution of widths is approximately normal. Find a symmetric interval about the mean that contains almost all of the 2×4 widths. Show your work. (1.75 b. [5...
The actual width of a 2×4 piece of lumber is approximately 1 3/4 in (1.75 in)....
The actual width of a 2×4 piece of lumber is approximately 1 3/4 in (1.75 in). but can vary considerably. Larry’s Lumber advertises consistent dimensions for better building, and claims all 2×4 sold have a mean width of 1 3/4 in. with a standard deviation of 0.02 in. a. [5 marks] Assume the distribution of widths is approximately normal. Find a symmetric interval about the mean that contains almost all of the 2×4 widths. Show your work. (1.75 b. [5...
Question 4 15 MARKS Answer the following questions: a) What is a sunk cost? (2 marks)...
Question 4 15 MARKS Answer the following questions: a) What is a sunk cost? b) Under what circumstances are sunk costs relevant to a decision? c) Construct an example of a sunk cost. d) Briefly discuss why you think financial reports for investors and managerial reports for managers may or may not differ in their treatment of sunk costs.
ANSWER QUESTION (5 ) I BOLD IT Chapter 15: Product Development and Supply Chain Management COVID...
ANSWER QUESTION (5 ) I BOLD IT Chapter 15: Product Development and Supply Chain Management COVID 19 health crisis that we all are experiencing is giving us a healthy dose of reality to understand the importance of this chapter. Some pharmaceutical companies are racing to develop vaccines and drugs for this epidemic, and others are racing against the clock to produce ventilators and other critical equipment to deal with this public health crisis. Retailers are struggling to move supplies and...
Question 2 [1 marks each/20 marks] True or false 5) In an unregulated competitive market, the...
Question 2 [1 marks each/20 marks] True or false 5) In an unregulated competitive market, the presence of marginal external cost of a good or service results in overproduction. 6) A marginal external cost is the cost of producing an additional unit of a good that falls on the producer. 7) Young drivers often buy used cars. An increase in the legal driving age to twenty-one shifts the demand curve for used cars leftward, whereas lowering the age to fifteen...
Question 2 [1 marks each/20 marks] True or false 5) In an unregulated competitive market, the...
Question 2 [1 marks each/20 marks] True or false 5) In an unregulated competitive market, the presence of marginal external cost of a good or service results in overproduction. 6) A marginal external cost is the cost of producing an additional unit of a good that falls on the producer. 7) Young drivers often buy used cars. An increase in the legal driving age to twenty-one shifts the demand curve for used cars leftward, whereas lowering the age to fifteen...
Question 1 (4 + 4 + 7 = 15 marks) a. Audits and Reviews are two...
Question 1 (4 + 4 + 7 = 15 marks) a. Audits and Reviews are two types of attestation services provided by public accounting firms. Discuss the similarities and differences between these two types of attestation services. Which type provides the most assurance? (4 marks) Suggested Answer for part a: Click or tap here to enter text. b. What is auditor independence and why is it so important? Suggested Answer for part b: Click or tap here to enter text....
Question 4 (5 Marks) 0.00% Refer to Questions 2 and 3. The land for the factory...
Question 4 0.00% Refer to Questions 2 and 3. The land for the factory will cost $270,000 . The factory will cost $5,930,000 to build and construction will take two years with construction costs payable in equal installments at the start of each year. The factory will operate for 20 years; however, at the end of the fifth, tenth, and fifteenth year of operation, refurbishment costs will be $930,000 . At the end of its 20 year lifespan, the land...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT