How far did marcus racer travel after using five mushrooms?
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Complete question is;
A shareholders’ group, in lodging a protest, claimed that the mean tenure for a chief executive office (CEO) was at least seven years. A survey of companies reported in The Wall Street Journal found a sample mean tenure of x¯ = 7.27 years for CEOs with a standard deviation of s = 6.38 years (The Wall Street Journal, January 2, 2007).
a. Formulate hypotheses that can be used to challenge the validity of the claim made by
the shareholders’ group.
b. Assume 85 companies were included in the sample. What is the p-value for your hypothesis
test?
Answer:
A) Null hypothesis: H0: μ ≥ 7
Alternative hypothesis: μ < 7
B) p-value = 0.3488
Step-by-step explanation:
A) We are told that the shareholders group claimed that the mean tenure for a chief executive office (CEO) was at least seven years.
Thus, defining the hypothesis, we have;
Null hypothesis: H0: μ ≥ 7
Alternative hypothesis: μ < 7
B) Sample mean: x¯ = 7.27 years standard deviation: s = 6.38 years
Sample size = 85
Formula for the test static is;
t = (x¯ - μ)/(s/√n)
t = (7.27 - 7)/(6.38/√85)
t = 0.39
From online p-value from t score calculator attached using: t = 0.39, DF= 85 - 1 = 84, significance value = 0.05, one tail, we have;
p-value = 0.3488
According to the question, the store is giving 15% off sales on all items. That means there will be a reduction of 15% in sale price of each item.
Let represent the original price of an item.
15% of the original price
The sale price of an item in the store will now reduce by . This means that;
But is the original price, therefore we can substitute
, wherever we see original. This gives us;
Since sale price is expressed in terms of , we can also write it as a function of
. That is,
Therefore the correct answers are
and