A Juice Drink Filling Machine, When in Perfect Adjustment, Fills

question 2

Essay

A juice drink filling machine, when in perfect adjustment, fills the bottles with 12 ounces of drink on an average.A random sample of 49 bottles is selected, and the contents are measured.The sample yielded a mean content of 11.88 ounces with a standard deviation of .35 ounces.
a.
Formulate the hypotheses for a test to determine if the machine is in perfect adjustment.
b.
Compute the value of the test statistic.
c.
Compute the p-value and give your conclusion regarding the adjustment of the machine.Let α = .05.

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Definitions:

Trade Deficit

A situation where a country's imports of goods and services exceed its exports, resulting in a negative balance of trade.

Aggregate Income

The total income earned by all factors of production in an economy, including wages, rent, interest, and profits.

Market Interest Rate

The prevailing rate at which borrowers can obtain loans and savers can earn returns on their deposits in the financial markets.

Investment Demand Curve

A graphical representation showing the inverse relationship between the interest rate and the total amount invested.