10The critical value for a 5 percent level of significance is:a1.493 b1.656 c1.761 d1.873 Questions 8-12 are related to the following:Consider the following hypothesis test.Ho: μ 2 120H1: µ< 1208This test is:An upper-tail test.A lower-tail test.aA two-tail test.dA closed-interval test.You obtain the following random sample to test the hypothesis in the previous question.134100901281561231381231141066316111482113113837512311213814114113060143102128841191428912615972126112601199713615311613289110941451071309812413913412610612295153100961771271071087179140981681381437611810711510214398126141153999911910773158143108111104671288610991190113991421561239513810715310811611813912512310212711483127126124841091021298387116898412810588130124131931451471389811315511481

Given H0:μ≥120H1:μ<120 sample side n=144 Population standard deviation is unknown. The…

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The critical value for a 5 percent level of significance is: a 1.493 b 1.656 c 1.761 d 1.873

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

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10	The critical value for a 5 percent level of significance is:
a	1.493
b	1.656
c	1.761
d	1.873

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How did you come about these rates/Values: 14.29;24.4;17.49;12.49;8.93; 8.92;8.93 ???
The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan, plant or purchase the component part from a supplier. The resulting profit is dependent upon the demand for the product. The following payoff table shows the projected profit (in thousands of dollars): state of nature low demand medium demnad high demand Decision alternative s1 s2 s3 manufacture d1 -20 40 100 purchase d2 10 45 70 The state-of-nature probabilities are P(s1) = 0.35, P(s2) = 0.35, and P(s3) = 0.30. a. Use expected value to recommend a decision. b. Use EVPI to determine whether Gorman should attempt to obtain a better estimate of demand.
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There is no D* for this Scenario 1 situation: p =40 − 0.2D and TC= $100 + $50D. True False
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