The calculated value of the Z statistic to test the potential buyer's belief at the 1% significant level is -2.57512627.
The calculated Z score is slightly greater than the critical value of -2.575, the potential buyer's view that weekly store revenues are less than $7,000 stands vindicated.
Since store revenues are assumed to be normally distributed and population standard deviation is given, we can use the Z-test. The relevant test statistic is the Z-score.
We use the following formula for calculating the Z score:
Z = (X - μ) / (σ /√n)
Substituting the relevant values we get,
Z = (6400 -7000) / (1042/√20)
Z = -600 / 232.9982833
Z = -2.57512627
Answer:
d) <u>Express warranty</u>
Explanation:
Express warranty refers to the sort of warranty wherein the seller explicitly or clearly guarantees for the quality, reliability and durability of his product.
The seller in such cases expressly claims that if products do not meet the standards or quality as claimed by him, such products would be either repaired free of cost or replaced by another similar functional product.
For instance, in case of many watches, an express warranty written statement is accompanied and stamped by the dealer. In case the watches do not meet the mentioned claims, they are either repaired free of cost or replaced.
Answer:
Limited confidentiality
Explanation:
The exercise of limited confidentiality means that the individuals who are intended to have limited confidentiality exercise must not disclose the facts or the information that are included in the aspect of confidentiality.
Confidentiality refers to the limitation of the data or information being shared to the enclosed group of people within the limited entities.
Here, the information that should remain between the seller and broker (i.e the price at which the seller can accept the offer ) has been disclosed to the buyer.
Hence, the exercise of limited confidentiality has been violated by the licensee.