Help!! I need to answer this question.
1 answer:
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Answer:
a) The point estimate of the proportion of items returned for the population of
sales transactions at the Houston store = 12/80 = 0.15
b) The 95% confidence interval for the proportion of returns at the Houston store = [0.0718 < p < 0.2282].
c) Yes.
We set an hypothesis and construct a test statistics. The test statistics result gives us:
Z calculated = 2.2545, and this gives us the p-value = 0.0121. We assumed 95% confident interval. Hence, the level of significance (α) = 5%. Conclusively, since the p-value ==> 0.0121 is less than (α) = 5%, the test is significant. Hence, the proportion of returns at the Houston store is significantly different from the returns for the nation as a whole.
Step-by-step explanation:
a) Point estimate of the proportion = number of returned items/ total items sold = 12/80 = 0.15.
b) By formula of confident interval:
CI(95%) = p ± Z*,
CI(95%) = [0.0718 < p < 0.2282]
c) The hypothesis:
: The proportion of returns at the Houston store is not significantly different from the returns for the nation as a whole.
: The proportion of returns at the Houston store is significantly different from the returns for the nation as a whole.
The test statistics:
Z = , where
is the proportion of nation returns.
Z calculated = 2.2545, and this gives us the p-value = 0.0121. We assumed 95% confident interval. Hence, the level of significance (α) = 5%. Conclusively, since the p-value ==> 0.0121 is less than (α) = 5%, the test is significant. Hence, the proportion of returns at the Houston store is significantly different from the returns for the nation as a whole.
Answer:
He must charge minimum £0.84 for one hot dog.
Step-by-step explanation:
Ingredients cost for hot dogs at the supermarket,
Price of dog sausages tin of 8 = 50p ≈ £0.5
Price of dog bun packs of 6 = 90p ≈ £0.90
Number of tins required for 150 hot dogs = = 6.25
So student will purchase 7 tins.
Cost of 7 tins = 7 × 0.5
= £3.5
Number of dog buns packets required = = 25
Cost of 25 packs = 25 × 0.9
= £22.5
Total cost of the material used for 150 buns = 22.5 + 3.5
= £26.0
Let the selling price of each hot dog = £x
Then selling price of 150 hot dogs = £150x
Students wants the profit = £100
So, Selling price - Cost price = profit
150x - 26 = 100
150x = 126
x =
x = £0.84
Therefore, he must charge minimum £0.84 for one hot dog.