An engineer designs an improved light bulb

Assignment Help Business Economics
Reference no: EM13153522

An engineer designs an improved light bulb. The previous design had an average lifetime of 1200 hours. The mean lifetime of a random sample of 2000 new bulbs is found to have a mean lifetime of 1201 hours. Although the difference from the old mean lifetime of 1200 hours is quite small, the P-value is 0.03 and the effect is statistically significant at the 0.05 level. If, in fact, there is no difference between the mean lifetimes of the new and old designs, the researcher has:

a) committed a type 1 error

b) committed a type 2 error

c) a probability of being correct, which is equal to the P-value

d) a probability of being correct, which is equal to 1-(P-value)

 

Reference no: EM13153522

Questions Cloud

Does the combined data set look normal : Combine the following observations with the above data: 34, 46, 92, 51, 65, 76, 53, 99, 40, 46. Does the combined data set look normal?
Compute a confidence interval rather than a confidence : Compute a 99% confidence interval rather than a 90% confidence interval. The increase in confidence indicates that we have a better interval.
Which gene is in the middle : In a transduction experiment with E. coli and three genes of interest (gal, thi, and thr), gal & thi are co-transduced 10% of the time, thi & thr are co-transduced 50% of the time, and thr & gal are co-transduced 25% of the time. Which..
Why are absolute value signs used in two-tail probability : The tail probabilities given above be affected if the > signs in the inequalities were replaced by ? Explain briefly. Why are the absolute value signs used in the two-tail probability expressions above?
An engineer designs an improved light bulb : An engineer designs an improved light bulb. The previous design had an average lifetime of 1200 hours. The mean lifetime of a random sample of 2000 new bulbs is found to have a mean lifetime of 1201 hours.
Determine values for the dissociation constant : Vitamin D was added to reaction vessels at different concentrations containing its receptor protein (at a fixed concentration). After equilibrium was reached, the amount of Vitamin D bound to the protein was determined. Here are the results determ..
How many nucleotides are necessary to encode : How many nucleotides are necessary to encode for this single chain?
Estimating amount of unrealized gain : At year-end, only $24,000 of merchandise was still being held by Yarby. What amount of unrealized gain must be deferred by Bowler?
What will be the cs-ps-tax revenues and deadweight loss : What will be the CS, PS, tax revenues and deadweight loss? Suppose the government increases the tax to $4 per unit. What will be the new CS, PS, tax revenues and deadweight loss?

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

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