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Varying costs, primarily labor, makes home building vary from one unit to the next. A builder of standard tract homes needs to make an average profit in excess of $8500 per home in order to achieve an annual profit goal. The profit per home for the builder's most recent five units are $8760, $6370, $9620, $8200, and $10350. Do the data provide sufficient evidence to indicate that the builder is operating at the desired profit level? Test at a significance level of .05.

a. State null and alternative hypotheses.

b. Identify the critical regions, labeling acceptance and rejection regions.

c. Calculate the appropriate test statistic.

d. State your deision in the context of the problem.

e. State tge type 1 error in the context of the problem. What is the probablity of a Type 1 error?

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Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M91890319

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