A Recent Survey Suggests 30% of Boat Owners Do Not

question 104

Multiple Choice

A recent survey suggests 30% of boat owners do not regularly use their boat after the second year of ownership.A local boat dealer wants to test the alternative hypothesis that p ≠ .30 with α = .05.He surveys 60 boat owners and finds 42% of the owners who have owned their boat for three years report they do not regularly use their boat.Assuming that p = .35, the probability of type II error is approximately ________.

• A)0.8542
• B)0.1458
• C)0.3577
• D)0.1423
• E)0.4965

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Definitions:

Financial Gain

The increase in monetary resources, often resulting from business activities, investments, or other financial transactions.

Added Value

The increase in worth of a product or service as a result of a particular process.

Product Development

The process of conceptualizing, designing, building, and bringing a new product to the market.

Product Strategies

Product strategies involve planning and execution techniques focused on developing, positioning, and selling products in a way that maximizes business success.