TABLE 9-4 A Drug Company Is Considering Marketing a New Local Anesthetic

question 163

Short Answer

TABLE 9-4
A drug company is considering marketing a new local anesthetic. The effective time of the anesthetic the drug company is currently producing has a normal distribution with an average of 7.4 minutes with a standard deviation of 1.2 minutes. The chemistry of the new anesthetic is such that the effective time should be normal with the same standard deviation, but the mean effective time may be lower. If it is lower, the drug company will market the new anesthetic; otherwise, they will continue to produce the older one. A sample of size 36 results in a sample mean of 7.1. A hypothesis test will be done to help make the decision.
-Referring to Table 9-7, what will be the p-value if these data were used to perform a two-tailed test?

---

Definitions:

Fixed Assets

Long-term tangible assets used in a company's operations, such as machinery, buildings, and equipment, that are not expected to be converted into cash within a year.

Fixed Assets

Assets of a long-term nature used in the operation of a business, such as land, buildings, machinery, and equipment, which are not expected to be converted to cash within a year.

Financial Position

A snapshot of the resources, obligations, and net worth of an entity at a specific point in time, showing its financial health and stability.

Comprehensive Income

The total change in equity for a business that comes from non-owner sources during a specific period, including all unrealized gains and losses.