Question
A manufacturing firm has been averaging 16.8 orders per week for several years.However, during a recession, orders appeared to slow.Suppose the firm's production manager randomly
A manufacturing firm has been averaging 16.8 orders per week for several years.However, during a recession, orders appeared to slow.Suppose the firm's production manager randomly samples 31 weeks and finds an average of 15.6 orders with a standard deviation of 2.3 orders.Using a 0.025 significance level, test whether the mean number of orders has decreased. Type the full 5 step procedure into the answer box, then for multiple choice practice, answer the following: 1. What is the name and symbol of the parameter that you are testing? 2. What is the symbol and value of the point estimate of that parameter? 3. What distribution are you using to test this parameter? 4. What is the critical value? 5. What is the test statistic value? 6. What is the p-value?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started