Question
In: Statistics and Probability
A company is considering a new way to assemble its golf carts. The present method requires...
A company is considering a new way to assemble its golf carts. The present method requires 42.3 minutes, on the average, to assemble a cart. The mean assembly time for a random sample of 24 carts, using a new method of assembling was 40.6 minutes with a standard deviation of 2.7 minutes. Use a .10 level of significance to determine if there is evidence that the new method if faster. What will be the value of your critical value?
Solutions
Expert Solution
Given : Sample size=n=24
Sample mean=40.6
Sample standard deviation=s=2.7
Significance level=0.10
Hypothesized value=42.3
We have , Hypothesis : 
Vs 
The critical value is ,
; From t-tabe
The test statistic is ,
Decision : Here , the value of the test statistic does not lies in the rejection region.
Therefore , Do not reject Ho.
Conclusion : Hence , there is not sufficient evidence to support the claim that the new method is faster.
orchestra answered 2 years agoRelated Solutions
A company is considering a new way to assemble its golf carts. The present method requires...
A company is considering a new way to assemble its golf carts.
The present method requires 42.3 minutes, on the average, to
assemble a cart. The mean assembly time for a random sample of 24
carts, using a new method of assembling was 40.6 minutes with a
standard deviation of 2.7 minutes. Use a .10 level of significance
to determine if there is evidence that the new method if faster.
What will be the value of your critical value?
The management of White Industries is considering a new method of assembling its golf cart. The...
The management of White Industries is considering a new method
of assembling its golf cart. The present method requires 55.3
minutes, on average, to assemble a cart. The mean assembly time for
a random sample of 34 carts, using the new method, was 53.6
minutes, and the standard deviation of the sample was 4.6
minutes.
Using the 0.05 level of significance, can we conclude that the
assembly time using the new method is faster?
a. What is the decision rule?...
The management of White Industries is considering a new method of assembling its golf cart. The...
The management of White Industries is considering a new method
of assembling its golf cart. The present method requires 42.3
minutes, on the average, to assemble a cart. The mean assembly time
for a random sample of 24 carts, using the new method, was 40.6
minutes, and the standard deviation of the sample was 2.7 minutes.
Using the .10 level of significance, can we conclude that the
assembly time using the new method is faster? a) Is this a one...
The management of White Industries is considering a new method of assembling its golf cart. The...
The management of White Industries is considering a new method
of
assembling its golf cart. The present method requires 21.2 minutes,
on the
average, to assemble a cart with the sample standard deviation of
1.4
minutes. Using the new method, the mean assembly time for a
random
sample of 24 carts, was 20.3 minutes.
Using the 0.10 level of significance, can we conclude that the
assembly time
using the new method is faster?
The management of White Industries is considering a new method of assembling its golf cart. The...
The management of White Industries is considering a new method
of assembling its golf cart. The present method requires 42.3
minutes to assemble a cart. The mean assembly time for a random
sample of 24 carts, using the new method, was 40.6 minutes, and the
standard deviation of the sample was 2.7 minutes.
A. Can we conclude that the assembly time using the new method
is faster at the 1% significance level?
B. The new method will be implemented only...
McGilla Golf is considering the sale of a new line of golf clubs. The clubs will...
McGilla Golf is considering the sale of a new line of golf
clubs. The clubs will sell for $900 per set and have a variable
cost of $500 per set. The company has spent $159,000 for a
marketing study that determined the company will sell 55,000 sets
per year for seven years. The marketing study also determined that
the company will lose sales of 11,000 sets of its high-priced
clubs. The high-priced clubs sell at $1,190 and have variable costs...
Premium Company is considering the introduction of a new product that requires to purchase of a...
Premium Company is considering the introduction of a new product
that requires to purchase of a new industrial oven. The industrial
size oven will cost $960,000 and will be used for 5 years. The
company is in the 25% marginal tax bracket and has a required rate
of return of 11%. A once-off additional working capital requirement
of $35,000 is needed that will be liquidated at the end of year 5.
The accountant has forecasted that this oven would be...
Net Present Value Method and Present Value Index MVP Sports Equipment Company is considering an investment...
Net Present Value Method and Present Value Index
MVP Sports Equipment Company is considering an investment in one
of two machines. The sewing machine will increase productivity from
sewing 150 baseballs per hour to sewing 270 per hour. The
contribution margin is $0.52 per baseball. Assume that any
increased production of baseballs can be sold. The second machine
is an automatic packing machine for the golf ball line. The packing
machine will reduce packing labor cost. The labor cost saved...
Activity-based costing problem Factory A produces golf carts. One of its plants in Texas produces two...
Activity-based costing problem
Factory A produces golf carts. One of its plants in Texas
produces two versions of carts: a basic model and a deluxe model.
The deluxe model has a sturdier frame, a higher horsepower engine,
bigger tires, and softer seats. At the beginning of the year, the
following data were prepared by the controller’s office for this
Texas plant:
Basic
Deluxe
Expected Quantity to
Produce
20,000
carts
10,000 carts
Selling
Price
$
1,800
$ 3,600...
The Elkton Company is considering a new project that requires an initial investment of $24,000,000 to...
The Elkton Company is considering a new project that requires an
initial investment of $24,000,000 to build a new plant and purchase
equipment. The investment will be depreciated using the straight
line method over 10 years. The new plant will be
built on some of the company's land which has a current, after-tax
market value of $5,000,000. The company will produce
widgets at a cost of $130 each and will sell them for $420 each.
Annual fixed costs are $500,000. Sales (in units)...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Write a class DataSet that stores a number of values of type double in an array...
- Modern; The Accordionist by Pablo Picasso aritst 1How is it inspiring? 2In what way is it...
- Which of the following is not a router component? Group of answer choices RAM NVRAM Flash...
- A risk-free investment of $5000 will return 3%. A risky $5000 investment has a 23% chance...
- Assume that attributes with the same name in different relations represent the same domain and that...
- JAVA: Use existing Java Stack class to solve the "Balancing Symbols" problem. The symbols are (),...
- K-NN and Perceptron theory question If we don’t care about the size of the TRAINING SET...
ADVERTISEMENT