The Local Pharmacy Prides Itself on the Accuracy of the Number

question 138

Short Answer

The local pharmacy prides itself on the accuracy of the number of tablets that are dispensed in a 60-count prescription.The new manager feels that the pharmacy assistants might have become careless in counting due to an increase in the volume of prescriptions.To test her theory,she randomly selects 40 prescriptions requiring 60 tablets and recounts the number in each bottle.She finds a sample mean of 61.35.Assume a population standard deviation of 4.45.If we have preset the probability of a Type I error equal to .05,compute the probability of a Type II error.(Assume an alternative value of the population mean of 61. )The claim is that the tablet count is different from 60.

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Definitions:

Term of Loan

The duration of time over which the borrower is obligated to repay the loan, typically expressed in months or years.

Term of Loan

The duration over which a loan agreement is in effect, encompassing the time by which the loan must be repaid.

Rate of Return

The gain or loss on an investment over a specific period, expressed as a percentage of the investment's cost.

Nominal Rate

the interest rate before adjustments for inflation, often cited in loan and savings agreements.