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In 2017,Thorpe Company has sales of $1 600 000,variable costs of $400 000,and fixed costs of $600 000.In 2018,the company expects annual property taxes to decrease by $30 000.
Required:
a.Calculate operating profit and the break-even point for 2017.
b.Calculate the break-even point for 2018.
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P-value Method
A statistical approach used to determine the significance of results in hypothesis testing, indicating the probability of observing data as extreme as the sample data.
Null Hypothesis
It is a hypothesis that assumes no significant difference or effect; it is the statement tested in statistical hypothesis testing to determine the likelihood of the observed data.
Statistically Significant
A determination that the observed difference or relationship in a statistic is not likely due to chance alone, according to a pre-specified threshold of significance.
Confidence Interval
A range of values derived from sample statistics that is likely to contain the true value of an unknown population parameter.
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