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A bank manager must decide whether or not to hire additional tellers. Her decision will depend partly upon how long it takes to complete customer transactions. The null hypothesis is that the mean transaction completion time, u, is at most 40 seconds. The population standard deviation is assumed to be 10 seconds. If the null is rejected, new tellers will be hired. A sample of 50 transactions was obtained with a mean of 44.5 seconds. The significance level is .05. a) State the Null and Alternate Hypothesis. b) Which test statistic does the data call for? Explain why. c) State Decision Rule and Critical Value. d) Compute the test statistic and p-value. e) What is your decision concerning Null? f) What affect would a type I (a) error have on the bank and/or customers? a) What affect woulda type II (B) error have on the bank and/or customers?

A bank manager must decide whether or not to hire additional tellers. Her decision will depend partly upon how long it takes to complete customer transactions. The null hypothesis is that the mean transaction completion time, u, is at most 40 seconds. The population standard deviation is assumed to be 10 seconds. If the null is rejected, new tellers will be hired. A sample of 50 transactions was obtained with a mean of 44.5 seconds. The significance level is .05. a) State the Null and Alternate Hypothesis. b) Which test statistic does the data call for? Explain why. c) State Decision Rule and Critical Value. d) Compute the test statistic and p-value. e) What is your decision concerning Null? f) What affect would a type I (a) error have on the bank and/or customers? a) What affect woulda type II (B) error have on the bank and/or customers?

A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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A bank manager must decide whether or not to hire additional tellers. Her decision will depend partly upon how long it takes to complete customer transactions. The null hypothesis is that the mean transaction completion time, u, is at most 40 seconds. The population standard deviation is assumed to be 10 seconds. If the null is rejected, new tellers will be hired. A sample of 50 transactions was obtained with a mean of 44.5 seconds. The significance level is .05. a) State the Null and Alternate Hypothesis. b) Which test statistic does the data call for? Explain why. c) State Decision Rule and Critical Value. d) Compute the test statistic and p-value. e) What is your decision concerning Null? f) What affect would a type I (a) error have on the bank and/or customers? g) What affect would a type II (B) error have on the bank and/or customers?
Transcribed Image Text:A bank manager must decide whether or not to hire additional tellers. Her decision will depend partly upon how long it takes to complete customer transactions. The null hypothesis is that the mean transaction completion time, u, is at most 40 seconds. The population standard deviation is assumed to be 10 seconds. If the null is rejected, new tellers will be hired. A sample of 50 transactions was obtained with a mean of 44.5 seconds. The significance level is .05. a) State the Null and Alternate Hypothesis. b) Which test statistic does the data call for? Explain why. c) State Decision Rule and Critical Value. d) Compute the test statistic and p-value. e) What is your decision concerning Null? f) What affect would a type I (a) error have on the bank and/or customers? g) What affect would a type II (B) error have on the bank and/or customers?
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