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Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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A6
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Consider the following hypothesis test: Ho: µ 2 45 Ha: µ < 45 A sample of 36 is used. Identify the p-value and state your conclusion for each of the following sample results. Use a = 0.01. a. With = 44 and s = 5.2, the p-value is - Select your answer - Can it be concluded that the population mean is less than 45 ? |- Select your answer - b. With = 43 and s = 4.6, the p-value is - Select your answer Can it be concluded that the population mean is less than 45? Select your answer - c. With a = 46 and s = 5, the p-value is - Select your answer - Can it be concluded that the population mean is less than 45? |- Select your answer -
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Café Michigan's manager, Gary Stark, suspects that demand for mocha latte coffees depends on the price being charged. Based on historical observations, Gary has gathered the following data, which show the numbers of these coffees sold over six different price values: Price $2.70 $3.50 $2.10 $4.10 $3.10 $4.05 Number Sold 765 515 990 245 320 480 Using simple linear regression and given that the price per cup is $1.85, the forecasted demand for mocha latte coffees will be cups (enter your response rounded to one decimal place).
N
Which term most closely relates to associative forecasting techniques? Select one: a. time series data Ob. linear relationships Oc. the Delphi technique O d. consumer survey O e. predictor variables
(Use an excel file to show formulas used)