The Next Questions Are Based on the Following Information

question 83

Multiple Choice

The Next Questions Are Based On The Following Information:
The supervisor of a production line believes that the average time to assemble an electronic component is 14 minutes.Assume that assembly time is normally distributed with a standard deviation of 3.4 minutes.The supervisor times the assembly of 14 components,and finds that the average time for completion is 11.6 minutes.
-Which of the following statements is most accurate?

• A)fail to reject the null hypothesis at α ≤ 0.10
• B)reject the null hypothesis at α = 0.025,but not at α = 0.05
• C)reject the null hypothesis at α = 0.05,but not at α = 0.01
• D)reject the null hypothesis at α = 0.01

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Definitions:

Total Costs

The aggregate of all financial outlays involved in the creation of goods or services, covering both stable and changeable costs.

Public Good

A commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.

Free-Rider Problem

The inability of potential providers of an economically desirable good or service to obtain payment from those who benefit, because of nonexcludability.

Highly Profitable

Describing a business or activity that generates a significantly higher amount of earnings compared to its costs.