Instruction 9-4 A Drug Company Is Considering Marketing a New Local Anaesthetic.The

question 15

Short Answer

Instruction 9-4
A drug company is considering marketing a new local anaesthetic.The effective time of the anaesthetic 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 anaesthetic is such that the effective time should be normal with the same standard deviation,but the mean effective time may be lower.If it is lower,the drug company will market the new anaesthetic;otherwise,it will continue to produce the older drug.A sample of size 36 results in a sample mean of 7.1.A hypothesis test will be done to help make the decision.
-Referring to Instruction 9-4,the p-value of the test is ________.

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Definitions:

Cournot Equilibrium

A concept in economic theory where firms reach a state in which each firm chooses the optimal output level assuming the output levels of the other firms.

Duopoly

A market structure characterized by two producers/sellers in competition with each other.

Constant Costs

Costs that remain unchanged regardless of the level of output or activity within a certain range.

Corncob Pipes

Pipes made from the dried cob of a corn plant, often used for smoking tobacco.