TABLE 2-6 The Following Are the Durations in Minutes of a Sample

question 10

Multiple Choice

TABLE 2-6
The following are the durations in minutes of a sample of long-distance phone calls made within the continental United States reported by one long-distance carrier.

-Referring to Table 2-6, if 100 calls were randomly sampled, how many calls lasted 15 minutes or longer?

• A) 10
• B) 14
• C) 26
• D) 74

Recognize the importance and role of the level of significance in hypothesis testing.

Differentiate between null and alternative hypotheses in the context of a one-sample Z-test.

Calculate the standard error of the mean (SEM) and understand its significance in the Z-test.

Apply critical thinking to assess the validity of test results based on Z-values and critical values.

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Definitions:

Probability

An evaluation of the possibility of an event occurring, expressed using a scale from 0 to 1.

Cumulative Profit

The total profit earned over a specific period, calculated by sequentially adding all profit amounts from the start to the end of the period.

Probability

measures the likelihood that an event will occur, expressed as a number between 0 and 1, where 0 means the event cannot happen and 1 means it is certain to happen.

Cumulative Net Profit

The total amount of profit after all expenses have been deducted, accumulated over a period of time.