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Test Whether He Given Claim Is Supported or Not Supported

question 49

Multiple Choice

Test whether he given claim is supported or not supported using a 0.05 significance level. Assume that the sample has been randomly selected from a population with a normal distribution.
-A manufacturer makes ball bearings that are supposed to have a mean weight of 30 grams. A retailer suspects that the mean weight is actually less than 30 grams. The mean weight for a random sample of 16 ball bearings is 28.5 grams with a standard deviation of 4 grams. Use a 0.05 significance level to test whether the claim that the mean is less than 30 grams is supported or not supported.

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Definitions:

Retained Earnings

Profits that a company has chosen to reinvest in the business rather than distribute to shareholders as dividends.

Earnings Per Share

A financial ratio representing the portion of a company's profit allocated to each outstanding share of common stock.

Net Income

The total earnings of a company after subtracting all expenses and taxes from total revenue, representing the company's profit.

Outstanding Stock

Capital stock that has been issued and is being held by stockholders.