A Supermarket Chain Has Its Own House Brand of Ice

question 36

Essay

A supermarket chain has its own house brand of ice cream. The general manager claims that her ice cream is better than the ice cream sold by a well-known ice cream parlour chain. To test the claim, 40 individuals are randomly selected to participate in the following experiment. Each respondent is given the two brands of ice cream to taste (without any identification) and asked to judge which one is better. Suppose that 25 people judge the ice cream parlour brand better, four say that the brands taste the same, and the rest claim that the supermarket brand is better.
What is the p-value of this test?

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Definitions:

GAAP

Generally Accepted Accounting Principles; a collection of commonly-followed accounting rules and standards for financial reporting.

Future Decision Making

The process of considering and evaluating potential actions or policies with their anticipated outcomes in the context of future events.

Operating Cash Flow

The cash generated from a company's normal business operations, indicating the ability to generate adequate cash flow to maintain and expand operations.

Cash Flow From Assets

The total amount of money being transferred into and out of a company's assets, which includes operations, investments, and financing activities.