Find the probability that the claim will be accepted assuming that the actual probability that the drug
Question:
A drug manufacturer claims that a drug cures a rare skin disease 75% of the time. The claim is checked by testing the drug on 100 patients. If at least 70 patients are cured, then this claim will be accepted.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 58% (12 reviews)
n 100 p 065 np 100065 65 npq 100...View the full answer
Answered By
Chiranjib Thakur
I have no tutoring experience yet, but I can share my skills and knowledge gained from my education and work experiences. I have been a CPA since 2012 with 6 years of work experience in internal auditing and 4 years of work experience in accounting at the supervisory level.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Elementary Statistics Picturing The World
ISBN: 9780321911216
6th Edition
Authors: Ron Larson, Betsy Farber
Question Posted:
Students also viewed these Statistics questions
-
A drug manufacturer claims that a certain drug cures a blood disease, on the average, 80% of the time. To check the claim, government testers used the drug on a sample of 100 individuals and decided...
-
Find the probability that the claim will be rejected assuming that the manufacturers claim is true. A drug manufacturer claims that a drug cures a rare skin disease 75% of the time. The claim is...
-
The average North American loses an average of 15 days per year to colds and flu. The natural remedy Echinacea reputedly boosts the immune system. One manufacturer of Echinacea pills claims that...
-
Assume that a company is going to invest 900,000 USD in a new project. We expect that the invested capital in the fixed assets will be fully depreciated within 3 years as follows: 500,000 USD,...
-
Adolfo Mozzetti, who owned a construction company, orally promised his son, Remo, that if Remo would manage the family business for their mutual benefit and would take care of him for the rest of his...
-
LO5 Cash Dividends SE 10. Leon Corporation has authorized 400,000 shares of S1 par value common stock, of which 320.000 are issued and 280,000 are outstanding. On May 15, the board of directors...
-
4. Pop Corporation owns a 40 percent interest in Son Products acquired several years ago at book value. Sons income statement contains the following information (in thousands): Income from continuing...
-
Selected transactions completed by ATV Discount Corporation during the current fiscal year are as follows: Jan. 5. Split the common stock 4 for 1 and reduced the par from $20 to $5 per share. After...
-
What rate of interest with continuous compounding is equivalent to a) 9.5% per annum with monthly compounding , b) 9.5% per annum with quarterly compounding ?
-
Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for September follows. Assume that all materials are added at the beginning...
-
You randomly select 300 U.S. adults ages 33 to 51 and ask them whether they regularly participate in at least one sport. Of the 200 who say yes, 9% say they participate in hiking. How likely is this...
-
n = 20, p = 0.65, q = 0.35 The sample size n, probability of success p, and probability of failure q are given for a binomial experiment. Determine whether you can use a normal distribution to...
-
1. Does the use of a multination client management team approach create value for companies and workers in both a developing country like India and a developed country such as the United States? Why...
-
Find the expected value of buying the extended warranty. The expected value of buying the extended warranty is . A new flat - screen TV comes with a 1 - year warranty wh ich completely covers any...
-
An Olympic runner is coming to visit your school. You have been told that a world class race has two stages. In the first stage, the runner accelerates at a constant rate until he reaches maximum...
-
Question 3(15 marks) An investor holds 100,000 units of a bond whose features per bond are summarized in the following table. She wishes to be hedged against a rise in interest rates. Maturity Coupon...
-
12. In a professional cycling race, competitors (the "peloton") begin the race by riding 45.0 km north, then the road turns west by 37 for the next 50.0 km, before turning due west for the final 35.0...
-
Whateva Ltd uses a flexible budget and standard costs to aid planning and control of its machining manufacturing operations. The costing system for manufacturing has two direct cost categories...
-
Ali, your study partner, states that rationing health care is immoral that health care should be freely available to all individuals in society. How would you respond?
-
Three forces with magnitudes of 70pounds, 40 pounds, and 60 pounds act on an object at angles of 30, 45, and 135, respectively, with the positive x-axis. Find the direction and magnitude of the...
-
Pace Western Crystal, Inc., has outstanding 10 million common shares and 200,000 warrants. Each warrant can purchase five shares of common stock at \($15\) per share. Warrant holders exercised all of...
-
Use the contingency table and expected frequencies from Exercise 11. At = 0.10, test the hypothesis that the variables are independent. Perform the indicated chi-square independence test by...
-
Use the contingency table and expected frequencies from Exercise 12. At = 0.10, test the hypothesis that the variables are dependent. Perform the indicated chi-square independence test by performing...
-
The contingency table shows the results of a random sample of motor vehicle crash deaths by age and gender. At = 0.05, perform a homogeneity of proportions test on the claim that the proportions of...
-
Long-term liabilities are shown in two places in the business firm's balance sheet depending upon when the long-term liabilities are scheduled for payment. True False
-
Julio is single with 1 withholding allowance. He earned $1,025.00 during the most recent semimonthly pay period. He needs to decide between contributing 3% and $30 to his 401(k) plan. If he chooses...
-
Acquirer firm plans to launch a takeover of Target firm. The manager of Acquirer indicates that the deal will increase the free cash flow of the combined business by $13.6m per year forever. The beta...
Study smarter with the SolutionInn App