Use the Following to Answer Questions : in a Hypothesis

question 80

Short Answer

Use the following to answer questions : In a hypothesis test with hypotheses H₀ : μ=90 and H₁ : μ ≠ 90 , a random sample of 103 elements selected from the population produced a mean of 94.3. Assume that σ = 22.1, and that the test is to be made at the 5% significance level.
-Should you reject or fail to reject the null hypothesis in this test? (State your answer as "reject" or "fail to reject",but don't include the quotation marks.)

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Definitions:

Special Order

A customer request for goods or services that are not part of a company's standard offerings, often requiring unique production or procurement efforts.

Variable Selling

denotes the costs that vary directly with the level of sales, such as commissions or shipping charges.

Administrative Costs

Expenses related to the general administration of a business, such as salaries of executive staff, office supplies, and utilities.

Target Costing

A pricing approach where a company determines the potential selling price of a product and then subtracts desired profit to arrive at a target cost, subsequently focusing on reducing manufacturing costs to meet this target.