Question

In: Statistics and Probability

A large furniture company claims that 65% of all individuals who buy chairs from its stores...

A large furniture company claims that 65% of all individuals who buy chairs from its stores choose wood chairs, 20% choose plastic chairs, and 15% choose metal chairs. To investigate this claim, researchers collected data from a random sample of the company's customers. The results were 305 wood, 121 plastic, and 74 metal. Are the data from the sample consistent with the company's claim? Conduct an appropriate statistical test at the 5% significance level to support your conclusion. Make sure to include parameters, check conditions, and show calculations before formulating a conclusion. (10 points)

Solutions

Expert Solution

orchestra answered 2 years ago
Next > < Previous

Related Solutions

A large furniture company claims that 65% of all individuals who buy chairs from its stores...
A large furniture company claims that 65% of all individuals who buy chairs from its stores choose wood chairs, 20% choose plastic chairs, and 15% choose metal chairs. To investigate this claim, researchers collected data from a random sample of the company's customers. The results were 305 wood, 121 plastic, and 74 metal. Are the data from the sample consistent with the company's claim? Conduct an appropriate statistical test at the 5% significance level to support your conclusion. Make sure...
A large food distributor claims that 45% of all individuals who purchase eggs from its grocery...
A large food distributor claims that 45% of all individuals who purchase eggs from its grocery stores choose standard white eggs, 25% choose standard brown eggs, 20% choose organic eggs, and 10% choose free-range eggs. To investigate this claim, researchers collected data from a random sample of the distributor's customers in a large city. The results were 274 white, 159 brown, 126 organic, and 41 free-range egg purchases. Are the data from the sample consistent with the distributor's claim? Conduct...
A large gasoline distributor claims that 65% of all vehicle owners who use its service stations...
A large gasoline distributor claims that 65% of all vehicle owners who use its service stations choose regular unleaded gas, 20% choose mid-grade unleaded gas, and 15% choose premium unleaded gas. To investigate this claim, researchers collected data from a random sample of drivers who filled up their vehicles at the distributor's service stations in a large city. The results were 305 regular, 121 mid-grade, and 74 premium gas purchases. Are the data from the sample consistent with the distributor's...
A) A company that owns a large number of grocery stores claims that customers who pay...
A) A company that owns a large number of grocery stores claims that customers who pay by personal check spend an average of $87 with a standard deviation of $22. Assume the amount spent by these customers is normally distributed. What is the probability that a customer using a check spends less than $90? Express your answer as a decimal rounded to four places after the decimal point. B) A company that owns a large number of grocery stores claims...
A Furniture Company produces chairs and tables from two resources- labor and wood. The company has...
A Furniture Company produces chairs and tables from two resources- labor and wood. The company has 125 hours of labor and 45 board-ft. of wood available each day. Demand for chairs is limited to 5 per day. Each chair requires 7 hours of labor and 3.5 board-ft. of wood, whereas a table requires 14 hours of labor and 7 board-ft. of wood. The profit derived from each chair is $325 and from each table, $120. The company wants to determine...
The Pinewood Furniture Company produces chairs and tables from two resources, labor and wood. The company...
The Pinewood Furniture Company produces chairs and tables from two resources, labor and wood. The company has 80 hours of labor and 36 pounds of wood available each day. Demand for chairs is limited to six per day. Each chair requires 8 hours of labor and 2 pounds of wood to produce, while a table requires 10 hours of labor and 6 pounds of wood. The profit derived from each chair is $400 and from each table, $100. The company...
Office Furniture Systems, Inc. sells chairs for $150. The unit variable cost per unit is $65....
Office Furniture Systems, Inc. sells chairs for $150. The unit variable cost per unit is $65. Fixed costs total $18,700. Required: a.   What is the contribution margin per unit? b.   What is the breakeven point in units? c.   How many units must be sold to earn a pretax income of $45,000? d.   What is the margin of safety, assuming 700 units are sold?
5. The Pinewood Furniture Company produces chairs and tables from two resources—labor and wood. The company...
5. The Pinewood Furniture Company produces chairs and tables from two resources—labor and wood. The company has 80 hours of labor and 36 board-ft. of wood available each day. Demand for chairs is limited to 6 per day. Each chair requires 8 hours of labor and 2 board-ft. of wood, whereas a table requires 10 hours of labor and 6 board-ft. of wood. The profit derived from each chair is $400 and from each table, $100. The company wants to...
During 2020, Bonita Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs...
During 2020, Bonita Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Bonita for a lump sum of $77,805 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below. Type No. of Chairs Estimated Selling Price Each Lounge chairs 520 $90 Armchairs 390 80 Straight chairs 910 50 During...
During 2020, Cheyenne Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs...
During 2020, Cheyenne Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Cheyenne for a lump sum of $83,790 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below. Type No. of Chairs Estimated Selling Price Each Lounge chairs 560 $90 Armchairs 420 80 Straight chairs 980 50 During...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT