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Author Question: Production constraints frequently take the form: beginning inventory + sales - production = ending ... (Read 124 times)

MGLQZ

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on: Jun 24, 2018
Production constraints frequently take the form: beginning inventory + sales - production = ending inventory
  Indicate whether the statement is true or false

Question 2

The average gasoline price of one of the major oil companies has been 1.00 per gallon. Because of shortages in production of crude oil, it is believed that there has been a significant INCREASE in the average price. In order to test this belief, we randomly selected a sample of 36 of the company's gas stations and determined that the average price for the stations in the sample was 1.10 . Assume that the standard deviation of the population () is 0.12.
 a. State the null and alternative hypotheses.
  b. Test the claim at  = .05.
  c. What is the p-value associated with the above sample results?


mceravolo

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Reply #1 on: Jun 24, 2018
Answer to Question 1

F

Answer to Question 2

a. H0:   1
Ha:  > 1
b. z = 5; therefore, reject H0 . There is sufficient evidence at  = .05 to conclude that there has been an increase in the average price.

c. almost zero


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