Use a 005 Significance Level and Conduct a Full Hypothesis Test

question 71

Essay

Use a 0.05 significance level and conduct a full hypothesis test. List the null and alternative hypotheses, the z-score, the P-value, and whether to reject or not reject the null hypothesis. Round z-scores to the nearest tenth.
-In tests of a computer component, it is found that the mean time between failures is 937 hours. A modification is made which is supposed to increase reliability by increasing the time between failures. Tests on a sample of 36 modified components produce a mean time between failures of 960 hours, with a standard deviation of 52 hours. Test the claim that for the modified components, the mean time between failures is greater than 937 hours.

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Definitions:

Equilibrium

A state in which demand and supply are balanced, often leading to a stable market condition.

Intersect

The point at which two or more lines, paths, or items meet or cross each other.

Equilibrium Price

The price at which the quantity of a product offered is equal to the quantity of the product demanded, resulting in market stability.

Quantity Demanded

The cumulative quantity of a product or service that buyers are ready and capable of buying at a certain price during a defined timeframe.