A Study Was Made to Determine Which Taxi Company Gave

question 26

Essay

A study was made to determine which taxi company gave quicker service.Companies A and B were each called at 50 randomly selected times.The response times were recorded.The results are as follows.
Company A Company B
Mean response time 7.6 minutes 6.9 minutes
Standard deviation 1.4 minutes 1.7 minutes
At the 0.02 level of significance,test the claim that the two companies have different mean response times.

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Definitions:

Patent

A legal document granted by the government giving an inventor exclusive rights to make, use, and sell an invention for a certain number of years.

Office Supplies

Items used in an office on a regular basis, such as paper, pens, and envelopes, which are consumed in use and need regular replenishment.

Temporary Accounts

Accounts used to record transactions within a specific accounting period, which are then closed and transferred to permanent accounts at the end of the period to prepare the company's financial statements.

Retained Earnings

The portion of net profits not distributed as dividends but retained by the company to reinvest in its core business or to pay debt.