Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Statistics and Probability Expert

The Port and Customs authorities at Cape Town harbour claim that imported textile consignments are cleared within an average of 72 hours of the goods being offloaded from a vessel. A local textile importer is not convinced of this, and believes that the average clearance time is much longer. He analysed documents of 46 recent consignments and found that the average clearance time was 75.9 hours. Assume a population standard deviation of 18 hours and that clearance time is approximately normally distributed. Are the harbour authorities working to their stated clearance times?

(a) Formulate a suitable null and alternative hypothesis for this test situation.

(b) Test whether the local importer's claim is justified using a hypothesis test for a single mean. Use α = 0.10. What conclusion can be drawn?

(c) Compute the p-value for this test using Excel's NORMSDIST function and draw the appropriate management conclusion.

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M91699215

Have any Question?


Related Questions in Statistics and Probability

You must choose between investing in stock a or stock b you

You must choose between investing in Stock A or Stock B. You have already used CAPM to calculate the rate of return you should expect to receive for each stock given each one's systematic risk and decided that the expect ...

1 three-circle red-on-white is one distinctive pattern

1) Three-circle, red-on-white is one distinctive pattern painted on ceramic vessels of the Anasazi period found at an archaeological site. At one excavation, a sample of 165 potsherds indicated that 74 were of the three- ...

The owner of the heating and air-conditioning company has

The owner of the heating and air-conditioning company has two employees that make service calls. He is interested in the number of service calls made per day. The sample standard deviation for employee A is 1.05 calls pe ...

A bottle of water is supposed to have 20 ounces the

A bottle of water is supposed to have 20 ounces. The bottling company has determined that 98% of bottles have the correct amount. Which of the following describes a binomial experiment that would determine the probabilit ...

Arvo corporation is trying to choose between three

Arvo Corporation is trying to choose between three alternative investments. The three securities that the company is considering are as follows: Tax-free municipal bonds with a return of 8.8%. Wooli Corporation bonds wit ...

We choose a number from the set 1 2 100 uniformly at

We choose a number from the set {1, 2, ..., 100} uniformly at random and denote this number by  X . For each of the following choices, determine whether the events in question are independent or not. A = {X is even}, B = ...

A pawnshop will lend 4750 for 45 days at a cost of 35

A pawnshop will lend $4,750 for 45 days at a cost of $35 interest. What is the effective rate of interest?  (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal ...

A study shows that 81 of the population of all calculus

A study shows that 81% of the population of all calculus students consider calculus an exciting subject. Suppose 34 students are independently selected from the population. If the true percentage is really 81%, find the ...

Lets pretend that in a hospital 7 of patients are high-risk

Let's pretend that in a hospital, 7% of patients are "high-risk" while the others are "lower-risk". For patients that are high-risk, 75% will be re-admitted within 30 days. For "lower-risk" patients, the 30day re-admitta ...

Perform a conversion to compare costs between the two

Perform a conversion to compare costs between the two programs below, to find out which is the more expensive program. Program A: estimated cost in constant FY13 dollars: $16M Program B: estimated cost in constant FY19 d ...

  • 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