SCENARIO 9-12 A Drug Company Is Considering Marketing a New Local Anesthetic.The

question 204

Short Answer

SCENARIO 9-12
A drug company is considering marketing a new local anesthetic.The effective time of the anesthetic the drug company is currently producing has a normal distribution with a mean of 7.4 minutes with a standard deviation of 1.2 minutes.The chemistry of the new anesthetic is such that the effective time should be normally distributed with the same standard deviation.The company will market the new local anesthetic as being better if there is evidence that the population mean effective time is greater than the 7.4 minutes of the current local anesthetic.
-Referring to Scenario 9-12,if you select a sample of 25 new local anesthetics and are willing to have a level of significance of 0.1,the probability of a Type II error is _____ if the population mean effective time is 8 minutes.

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Interest Rate

The percentage of a loan charged to the borrower as interest, usually represented as an annual percentage rate of the remaining loan balance.

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Surplus

The situation in which the quantity of a good or service supplied is more than the quantity demanded.