What is the probability of a type i error

Assignment Help Business Economics
Reference no: EM132200994

The manufacturer of bags of cement claims that they fill each bag with at least 50.1 pounds of cement. Assume that the standard deviation for the amount in each bag is 1.2 pounds. The decision rule is adopted to shut down the filling machine if the sample mean weight for a sample of 40 bags is below 49.7. What is the probability of a Type I error?

Reference no: EM132200994

Questions Cloud

Amount of labor and k is the amount of capital : Consider the following production function : Q = 10L2K, where Q is the amount of production,L is the amount of Labor and K is the amount of Capital.
What is the maximum change in the money supply : Suppose John deposits 20 million into his checking account, if the reserve requirement ratio is .1, what is the maximum change in the money supply?
Create a method that receives a string of plaintext : Write a java program that takes an input string from ‘a' to ‘z' or ‘A' to ‘Z' and transforms it to integers from 0 to 25.
What is meant by the globalization of markets : What is meant by the 'Globalization of Markets, provide example derives from telecommunication industry
What is the probability of a type i error : The decision rule is adopted to shut down the filling machine if the sample mean weight for a sample of 40 bags is below 49.7.
Calculate the amount of the mortgage payment : Write a Java program that reads the amount of a mortgage payment and the amount still owed - the outstanding balance.
What is the empirical relevance of the h-o theory : What is the empirical relevance of the H-O theory and the new trade theories? What is the relationship between transportation costs and nontraded
March treasury bond futures settlement : On March 16, the March Treasury bond futures settlement price was 101 21/32. Assume that the 12 1/2 percent bond maturing in about 22 years
Display the largest and smallest numbers entered : Write a java program with a loop that lets the user enter a series of positive integers. The user should enter any negative value to signal the end of the serie

Reviews

Write a Review

Business Economics Questions & Answers

  Is the same true for fiscal expansion

Monetary expansion causes the current account balance to increase in the short run. Discuss this statement. Is the same true for fiscal expansion?

  Limitations of wind power

What do you see, if any, as the limitations of wind power. What do you believe could be an alternative for coal power.

  What should the nominal exchange rate

Suppose that an automobile costs $30,000 in the United States and 25,000 Euros in France. Further suppose that the exchange rate is .8 (one US dollar = .8 Euros).

  Marginal physical product of labor

How does capital investment affect the marginal physical product of labor? Does more college education have the same kind of effect?

  Percentage change in price and price elasticity of demand

Average visits per week equal 640 when the copayment is $40 and 360 when the copayment is $60. Calculate the percentage change in visits, percentage change in price, and price elasticity of demand using 640 and $40 as the denominators for percentage ..

  Calculate the relevant elasticities

When the price of good X is 100, the quantity demanded is 100. Calculate the relevant elasticities for the following changes: When the price of X changes to 50, the quantity demanded rises to 250. When the price of Y changes from 5 to 10, the quantit..

  Discuss how you would use regression to help you

Discuss how you would use regression to help you with your task—specifically, explain how you would go about evaluating the goodness-of-fit and the predictive efficacy of your model.

  Stereotypes about memory performance in older adults

What are the stereotypes about memory performance in older adults? What does the research suggest about each of these areas? What is myth and what is reality?

  Determine the line of best fit for the relationship

The annual bonuses ($1,000s) of six employees with different years of experience were recorded as follows.

  Consumer surplus decline

Suppose an individual demand curve is given by P = 100 - 5Q, where P is the price of smoothies and Q is the quantity she consumes. Assuming her income per week is $1,000 and the current price of smoothies is $5 each

  Economic profit in the long run

Why do firms in perfectly competitive markets not make any economic profit in the long run? Would be smart for a firm to lower its price in a perfectly.

  Relative volatility and absolute volatility in option

What is different between relative volatility and absolute volatility in option?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd