The Next Questions Are Based on the Following Information

question 54

Multiple Choice

The Next Questions Are Based On The Following Information:
The sales representative for a manufacturer of a new product claims that the product will increase output per machine by at least 29 units per hour.A line manager installs the product on 15 of the machines,and finds that the average increase was only 26 with a standard deviation of 6.2.
-What is the critical value for an upper-tailed hypothesis test of the population mean when the population variance is unknown in which a null hypothesis is tested at the 0.05 level of significance based on a sample size of 18?

• A)2.110
• B)2.101
• C)1.734
• D)1.740

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Definitions:

Profit-maximizing Equilibrium

A state in which a firm achieves the highest possible profit, given its production costs and market conditions.

Appliance Manufacturer

A company that produces electrical machines and devices for domestic use.

Variable Resources

Inputs or factors of production that can be adjusted in the short term to meet changes in the level of output, such as labor and raw materials.

MRPs

Marginal revenue products, a measure of the additional revenue generated by employing an additional unit of a resource or factor of production.