WILL AWARD BRAINLIEST: Two men decide to drive to a distant town, taking the same route. The first leaves 2 hours ahead of the s
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Answer:
We conclude that seniors skip more than 2% of their classes at 0.01 level of significance.
Step-by-step explanation:
We are given that a professor wishes to discover if seniors skip more classes than freshmen. Suppose he knows that freshmen skip 2% of their classes.
He randomly samples a group of seniors and out of 2521 classes, the group skipped 77.
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<u><em>Let p = percentage of seniors who skip their classes.</em></u>
So, Null Hypothesis, : p
2% {means that seniors skip less than or equal to 2% of their classes}
Alternate Hypothesis, : p > 2% {means that seniors skip more than 2% of their classes}
The test statistics that will be used here is <u>One-sample z proportion</u> <u>statistics</u>;
T.S. = ~ N(0,1)
where, = sample proportion of seniors who skipped their classes =
n = sample of classes = 2521
So, <u><em>test statistics</em></u> =
= 3.08
The value of the test statistics is 3.08.
Now at 0.01 significance level, <u>the z table gives critical value of 2.3263 for right-tailed test</u>. Since our test statistics is more than the critical value of z as 2.3263 < 3.08, so we have sufficient evidence to reject our null hypothesis as it will fall in the rejection region due to which <u>we reject our null hypothesis</u>.
Therefore, we conclude that seniors skip more than 2% of their classes.
Answer:
The optimal production quantity is 9,322 cards.
Step-by-step explanation:
The information provided is:
Cost of the paper = $0.05 per card
Cost of printing = $0.15 per card
Selling price = $2.15 per card
Number of region (n) = 4
Mean demand = 2000
Standard deviation = 500
Compute the total cost per card as follows:
Total cost per card = Cost of the paper + Cost of printing
= $0.05 + $0.15
= $0.20
Compute the total demand as follows:
Total demand = Mean × n
= 2000 × 4
= 8000
Compute the standard deviation of total demand as follows:
Compute the profit earned per card as follows:
Profit = Selling Price - Total Cost Price
= $2.15 - $0.20
= $1.95
The loss incurred per card is:
Loss = Total Cost Price = $0.20
Compute the optimal probability as follows:
Use Excel's NORMSINV{0.907} function to find the Z-score.
<em>z</em> = 1.322
Compute the optimal production quantity for the card as follows:
Thus, the optimal production quantity is 9,322 cards.