Use the Following Information to Answer the Question

question 4

Essay

Use the following information to answer the question. A manager at a large office supply store believes that her supply of pencils has a defect rate that is higher than the defect rate stated by the manufacturer. The manager's null hypothesis is that the supply of pencils has a defect rate of p = 0.025 (the pencil manufacturer's stated defect rate). Suppose we do a test with a significance level of 0.05. Symbolically, the null and alternative hypothesis are as follows: H₀: p = 0.025 and H_a: p > 0.025.
-The store manager calculates a p- value for the hypothesis test of 0.0030. Write a statement explaining what the p- value means and how it should be interpreted.

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Definitions:

Book Value

The value of an asset as recorded in the company's books or financial records, typically reflecting its original cost minus depreciation.

Accumulated Depreciation

Accumulated depreciation is the total depreciation expense that has been recorded for an asset over its life.

Lump-sum Price

This is a total amount agreed upon for a contract that is not itemized or broken down into individual costs or charges.

Relative Market Values

The comparison of an item’s market price to other similar items in the relevant market.