We Have Created a 95% Confidence Interval for µ with the Result

question 125

Multiple Choice

We have created a 95% confidence interval for µ with the result (10, 15) .What conclusion will we make if we test
: µ = 16 versus H_A : µ ≠ 16 at α = 0.05?

• A)Reject the null hypothesis.
• B)Accept the null hypothesis.
• C)Fail to reject the null hypothesis.
• D)Reject the alternative hypothesis.
• E)No decision can be made from the information given.

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Definitions:

Setup Time

The duration required to prepare or adjust equipment before a production process begins, minimizing this time can increase efficiency.

Production Order Quantity

The optimum quantity of goods a company should order for production which minimizes total inventory costs.

Retail Inventory

The total value of goods available for sale at a retail location, including items on the sales floor and in stock.

Shrinkage

Retail inventory that is unaccounted for between receipt and sale.