The Manager of a Local Specialty Store Is Concerned with a Possible

question 146

Short Answer

The manager of a local specialty store is concerned with a possible slowdown in payments by her customers.She measures the rate of payment in terms of the average number of days receivables are outstanding.Generally,the store has maintained an average of 50 days with a standard deviation of 10 days.A random sample of 25 accounts gives an average of 54 days outstanding with a standard deviation of 8 days.Calculate the appropriate test statistic to test the hypotheses.

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Definitions:

Natural Sciences

Academic disciplines that study the natural world, using empirical evidence and scientific methods.

Knowledge Acquisition

The process by which individuals or systems gather information and understanding about a subject, leading to learning and the development of expertise.

Grafting

In organizational context, it refers to acquiring new knowledge or skills from outside sources to foster innovation or solve problems.

Experimentation

The act of conducting tests or trials to explore hypotheses or discover new insights and knowledge.