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1 answer:
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Answer:
3 times rebate will maximize its revenue
Step-by-step explanation:
Given that a store has been selling 300 DVD burners sold per week at 350 each
A market survey indicates that for each $ 30 rebate offered to buyers, the number of units sold will increase by 60 a week.
If x times rebate is offered then units sold would be 300+60x
Thus original revenue
After rebate of x times 30 dollars we have
New revenue
Equate first derivative to 0 to get
x=
i.e. 3 times rebate will maximize its revenue
Answer:
If we compare the p value obtained and the significance level given we see that
so we can conclude that we have enough evidence to FAIL to reject the null hypothesis, and we can said that at 5% of significance the proportion of people who favored candidate A is not significalty higher than 0.8
ii) not significantly greater than 80%
Step-by-step explanation:
Data given and notation
n=100 represent the random sample taken
estimated proportion of people who favored candidate A
is the value that we want to test
represent the significance level
Confidence=95% or 0.95
z would represent the statistic (variable of interest)
represent the p value (variable of interest)
Concepts and formulas to use
We need to conduct a hypothesis in order to test the claim that the true proportion is higher than 0.8.:
Null hypothesis:
Alternative hypothesis:
When we conduct a proportion test we need to use the z statistic, and the is given by:
(1)
The One-Sample Proportion Test is used to assess whether a population proportion is significantly different from a hypothesized value
.
Calculate the statistic
Since we have all the info requires we can replace in formula (1) like this:
Statistical decision
It's important to refresh the p value method or p value approach . "This method is about determining "likely" or "unlikely" by determining the probability assuming the null hypothesis were true of observing a more extreme test statistic in the direction of the alternative hypothesis than the one observed". Or in other words is just a method to have an statistical decision to fail to reject or reject the null hypothesis.
The significance level provided . The next step would be calculate the p value for this test.
Since is a right tailed test the p value would be:
If we compare the p value obtained and the significance level given we see that
so we can conclude that we have enough evidence to FAIL to reject the null hypothesis, and we can said that at 5% of significance the proportion of people who favored candidate A is not significalty higher than 0.8
ii) not significantly greater than 80%