Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Statistics and Probability Expert

The Product Design & Marketing Departments have agreed to consider changing the material used for the handle of an ax produced by their firm for consumer use. The material currently used is hickory (wood). They are contemplating, primarily for reasons related to cost, the use of a composite material; produced by an overseas supplier.

One of the critical product performance characteristics for the handle is resistance to splitting &/or breakage during use, measured in the laboratory with an impact test. This is, as you might expect, a destructive test; and is expensive to run. Historically, the hickory handles have yielded the following parameters for this characteristic :

μ = 110 lbs.

σ = 2 lbs.

γ3 = 0.0

γ4 = 0.0

A sample of 9 of the new composite handles were tested in the impact test, and yielded a standard deviation (snew) of 2.1 lbs.; subsequent statistical analysis allowed the researcher to infer that there had been no change in the variability of the impact resistance of the new handles from the results exhibited by the old (wooden) handles.

Questions:

Assuming that a difference (Δ) of 2 lbs. in the mean was important to detect, a maximum Type I Error (α) level of 5%, and the desire to run a two-tailed test, then

A. What is the Power of the test?

B. What is β?

C. In your mind, are these values acceptable? Why? Why not?

D. If a maximum β of 1% was required, what should the sample size have been?

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M9171343

Have any Question?


Related Questions in Statistics and Probability

Describe the steps you tookthere are 652 males 396 say they

Describe the steps you took. There are 652 males, 396 say they have been to dentist in past year. Give a confidence interval for 90% of the population proportion.

4m industries has 30 million shares outstanding trading at

4M Industries has 30 million shares outstanding trading at $20 per share. 4M also has $150 million in outstanding debt. Suppose firm's equity cost of capital is 12%, its debt cost of capital is 5%, and the corporate tax ...

A confidence interval estimate is desired for the gain in a

A confidence interval estimate is desired for the gain in a circuit on a semiconductor device. Assume that gain is normally distributed with standard deviation σ = 30. (a) How large must n be if the length of the 95% CI ...

Monroe inc is evaluating a project the company uses 138

Monroe, Inc, is evaluating a project. The company uses 13.8 percent discount rate for this project. cost and cash flows are shown in the table. What is the NPV of the project? year. Project 0. ($11,368,000) 1. $2,187,590 ...

A random sample ofnbsp19nbspcollegenbspmens basketball

A random sample of 19 college? men's basketball games during the last season had an average attendance of 5,046 with a sample standard deviation of 1,753. a.  Construct a 99?% confidence interval to estimate the average ...

The assessment of the allocation of profits and losses is

The assessment of the allocation of profits and losses is one of the three key areas in which process?

In a population of phd students 50 have paid assistant

In a population of Ph.D students 50% have paid assistant ships. A random sample of n=200 students are chosen. What is the expected number of students who have paid assistant ships in this sample?

How do you find the forward discountpremium on the foreign

How do you find the Forward Discount/Premium on the foreign currency for 7.4 & 7.5?

1 out-of-state tuition and fees at the top graduate

1. Out-of-state tuition and fees at the top graduate schools of business can be very expensive, but the starting salary and bonus paid to graduates from many of these schools can be substantial. The following data show t ...

A student must answer 6 multiple choice questions for a

A student must answer 6 multiple choice questions for a test, but the student did not study well. There are 6 answers per question, but only one is correct. If the student randomly guesses on each questions, what is the ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As