Identify the Null Hypothesis, Alternative Hypothesis, Test Statistic, P-Value, Conclusion $\text { Use } \alpha = 0.05$

question 12

Essay

Identify the null hypothesis, alternative hypothesis, test statistic, P-value, conclusion about the null hypothesis, and final conclusion that addresses the original claim.
-A nationwide study of American homeowners revealed that 64% have one or more lawn mowers. A lawn equipment manufacturer, located in Omaha, feels the estimate is too low for households in Omaha. Can the value 0.64 be rejected if a survey of 490 homes in Omaha yields 331 with one or more lawn mowers? Use $\text { Use } \alpha = 0.05$

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Definitions:

Absorption Costing

An accounting method that includes all manufacturing costs, direct and indirect, in the unit cost of a product.

Net Income

The total profit of a company after all expenses and taxes have been deducted from revenue.

Manufacturing Margin

The difference between the sales revenue generated by manufactured goods and the cost of producing those goods, indicating profitability.

Variable Costing

A pricing technique that incorporates solely the variable costs of production—such as raw materials, direct labor, and variable overhead expenses—into the per-unit cost of products.