The Following Table Shows the Results from a Study to See

question 37

Multiple Choice

The following table shows the results from a study to see if a home remedy ointment for mosquito bites worked better than a placebo. Each participant was randomly assigned to receive the home remedy ointment or the placebo ointment. "Improvement" means no symptoms of itching after three minutes. The alternative hypothesis is that the home remedy ointment leads to improvement (in this case, less itching) . The p- value for a one- tailed Fisher's exact test with these data is 0.618. Suppose the study had turned out differently, as in the following table.
Would Fisher's Exact Test have led to a p- value larger or smaller than 0.618?

• A)The p- value would be smaller.
• B)The p- value would be larger.

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Definitions:

Economic Order Quantity

The ideal order quantity a company should purchase to minimize its inventory costs, including holding, setup, and shortage costs.

Holding Costs

Expenses incurred to store and maintain inventory over a period, including warehousing, insurance, and spoilage costs.

Product Costs

The total expenses incurred in creating a product, including direct materials, direct labor, and manufacturing overhead.

Carrying Cost

The total cost of holding inventory, including storage, handling, insurance, and opportunity costs, among others.