Aunt Sally’s “New Orleans Most Famous Pralines” sells pralines costing $1.10 each to make. If Aunt Sally’s wants a 35% markup ba
2 answers:
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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.
Width of the miniature model = inches
Length of the miniature model = inches
The actual width of the boat = 15 feet
Let us find the actual length of the boat.
Write it in a proportion form.
width of model : length of model : : width of actual : length of actual
Do cross multiplication.
⇒ x = 22
Hence the actual length of the boat is 22 feet.