Cost of boots: $99.99 Markup: 9% What is the new cost
1 answer:
Answer:
The new cost is $108.98
Step-by-step explanation:
Mark up is the amount that is added to cost price of a product for profit.
Given
Cost price of boots = C = $99.99
Mark up = 9%
First of all we will calculate markup and then add it to the cost price of boots to find the new cost.
The new cost will be:
The new cost is $108.98
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Answer:
If we compare the p value and the significance level given we see that
so we can conclude that we have enough evidence to fail reject the null hypothesis, so we can't conclude that the average tensile strength is different from 5lbs/mm at 10% of signficance
Step-by-step explanation:
Data given and notation
represent the sample mean
represent the population standard deviation for the sample
sample size
represent the value that we want to test
represent the significance level for the hypothesis test.
t would represent the statistic (variable of interest)
represent the p value for the test (variable of interest)
State the null and alternative hypotheses.
We need to conduct a hypothesis in order to check if the true mean is different from 5, the system of hypothesis would be:
Null hypothesis:
Alternative hypothesis:
If we analyze the size for the sample is > 30 but and we know the population deviation so is better apply a z test to compare the actual mean to the reference value, and the statistic is given by:
(1)
z-test: "Is used to compare group means. Is one of the most common tests and is used to determine if the mean is (higher, less or not equal) to an specified value".
Calculate the statistic
We can replace in formula (1) the info given like this:
P-value
Since is a two sided test the p value would be:
Conclusion
If we compare the p value and the significance level given we see that
so we can conclude that we have enough evidence to fail reject the null hypothesis, so we can't conclude that the average tensile strength is different from 5lbs/mm at 10% of signficance