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:

Time Period Assumption

an accounting principle that divides an enterprise's life into small periods of time for reporting and analysis purposes.

Economic Life

The expected period over which an asset remains useful to the owner or until it can generate economic benefits.

Artificial Time Periods

Divisions of time, not naturally occurring, created for the purpose of financial reporting, budgeting, or project scheduling.

Economic Entity Assumption

An accounting principle that treats a company as a separate entity from its owners or shareholders for financial reporting purposes.