3. You wish to show that the wood stain your company has
developed has a drying...
3. You wish to show that the wood stain your company has
developed has a drying time
under 180 minutes. You can assume that drying times are
normally distributed, and it is known that ? = 25. You take a
sample of 22 drying times and collect the following sample data: ?
= 172, ? = 24.8.
a. Perform a hypothesis test at the 0.05 level to see if the
drying time is under 180 minutes. Make sure to include your
hypotheses, your test stat, either a p-value or critical value(s),
and your conclusion.
b. What is the probability of a Type II error if μ is actually
equal to 175?
Solutions
Expert Solution
(a)
Conclusion: There is not sufficient evidence to conclude that
the drying time is under 180 minutes.
You are a manager at a pharmaceutical company, and one of your
scientists has developed a new statin that has no side effects. The
initial cost to launch the drug will be $1,000,000. The revenue is
projected to be produced according to one of two timelines, based
on marketing. The first timeline has revenues of $100,000,
$300,000, and $900,000 in years 1, 2, and 3, respectively. The
second timeline has revenues of $900,000, $300,000, and $100,000 in
years 1, 2,...
You
are a business owner and your company has grown so much that you
now wish to purchase a piece of property to build an office
building. You found a nice property outside of the city. What are
some steps you should take to ensure you can go through with your
land/building project? What resources would you use?
QUESTION III. 20
MARKS
The Chang Manufacturing Company makes wood-finishing stain and
uses the FIFO method of process costing for its stain manufacturing
activity. The production of stain begins with the blending of
various chemicals and ends with the canning of the stain. Canning
occurs when the mixture reaches the 90% stage of completion. After
canning, the cans are transferred to the shipping department. Here
the cans are crated and shipped to various customers. Conversion
costs are added uniformly throughout...
QD Corporation makes paints known for their quality and quick
drying features. QD has developed a new wall paint code named
Mickey that it is testing in a controlled environment. The firm is
testing for drying time of the paint. Drying time is affected by
factors like humidity, air pollution, ventilation and temperature.
The test results show that the drying time of Mickey is normally
distributed with a mean of 10 hours and a standard deviation of 1.8
hours.
Compute...
Suppose you have developed a coronavirus vaccine and wish to
verify that it is effective in reducing the probability of being
infected with the disease. You obtain two random samples. The
control group of 90 people is given a placebo, and after 1 year, 8
of them had been infected. The experimental group received the
vaccine. Of the 300 people in the experimental group, 8 of them had
been infected after 1 year. (SHOW WORK!)
The alternative hypothesis for this...
After completing your degree you are hired by a
world-leading drug company that has developed a new drug called
EX-factor that enhances basal (resting) levels of fatty acid
oxidation in skeletal muscle. EX-factor has undergone extensive
safety testing and there are no reported side effects. It has been
shown to “boost” the amount of fatty acids that are completely
oxidized in skeletal muscle by ~30% at rest and is therefore being
touted as “exercise in a pill”. The company has...
On a game show, a contestant has to match a price with a prize
they wish to win. The prizes are a sports car and a boat. Of the
four different price options, one is the price for the sports car,
one is the price for the boat and two prices are incorrect. The
contestant chooses one prize and matches it up with one price.
Create a probability tree that shows all possible selections the
contestant can make and calculate...
3. A paint manufacturing company claims that the mean drying time
for its paints is not longer than 60 minutes. A random sample of 20
gallons of paints selected from the production line of this company
showed that the mean drying time for this sample is 63.50 minutes
with a sample standard deviation of 4 min utes. Assume that the drying times
for these paints have a normal distribution. Test the claim that
the mean drying time for its paints...
Alvis Construction Supply Company has a department that
manufactures wood trusses (wood frames used in the construction
industry). The following information is for the production of these
trusses for the month of February:
Work-in-process inventory, February 1
4,700
trusses
Direct materials: 100% complete
$
11,180
Conversion: 40% complete
$
15,958
Units started during February
18,700
trusses
Units completed during February and transferred out
17,700
trusses
Work-in-process inventory, February 29
Direct materials: 100% complete
Conversion: 20% complete
Costs incurred during February...
Alvis Construction Supply Company has a department that
manufactures wood trusses (wood frames used in the construction
industry). The following information is for the production of these
trusses for the month of February:
Work-in-process inventory, February 1
3,300
trusses
Direct materials: 100% complete
$
10,380
Conversion: 30% complete
$
15,158
Units started during February
17,900
trusses
Units completed during February and transferred out
16,900
trusses
Work-in-process inventory, February 29
Direct materials: 100% complete
Conversion: 30% complete
Costs incurred during February...