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A lathe is set to cut bars of steel into lengths of 6 centimeters. The lathe is considered to be in perfect adjustment if the average length of the bars it cuts is 6 centimeters. A sample of 121 bars is selected randomly and measured. It is determined that the average length of the bars in the sample is 6.08 centimeters with a standard deviation of 0.44 centimeters.
a) Formulate the hypotheses to determine whether or not the lathe is in perfect adjustment.
b) Compute the test statistic
c) Using the p-value approach, what is your conclusion? Let α = .05.
Suppose the probability of the worst-case scenario increases Compute the expected value of perfect information
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Such things as historical documents, newspaper reports, TV and radio broadcasts, when used in research, represents
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