User Account

All Pages

Calculate the probability of the error described

Assignment Help Accounting Basics
Reference no: EM132850943

Question - A bolt manufacturer considers its manufacturing process is working correctly if no more than 5% of bolts are defective.

(i) Assuming the manufacturing process is producing 5% defectives, what is the probability that a sample of 20 randomly selected bolts will contain one (1) or less defective bolts?

(ii) Suppose the reliability of the manufacturing process is unknown. The manufacturer wants to determine the reliability of the manufacturing process. State the null and alternative hypotheses of this situation.

(iii) In a random sample of 20 bolts, 4 defectives are found. If the manufacturing process was declared not to be working properly based on the sample result when the process is indeed working, explain what type of error would it be?

(iv) Calculate the probability of the error described in part (iii).

Reference no: EM132850943

Questions Cloud

What is the expected number of lightbulbs : What is the expected number of lightbulbs that will be lit up? Express your answer in closed form without any summations
What is the probability that the web site has fewer : (a) What is the probability that the web site has fewer than 5 million visitors in a single day? If needed, round your answer to four decimal digits.
What do hospitals expect from patients : How has the relationship between hospitals and physicians changed over the past 50 years? What do hospitals expect from patients?
Good job of demonstrating validity : Do the authors do a good job of demonstrating validity? If not, what could/should they have done differently?
Calculate the probability of the error described : A bolt manufacturer considers its manufacturing process is working correctly if no more than 5% of bolts are defective. Calculate the probability of the error
What is the probability that none will withdraw : At a particular university is has been found that 20% of the students withdraw without completing the Business Statistics Course. Assume that 18 students
How does a physician expect to be paid : What threats exist today to a doctor's autonomy and authority? How does a physician decide what patients to treat? How does a physician expect to be paid?
What is the probability that all patients will be positive : Suppose that in a certain malarias area past experience indicates that the probability of a person with a higher fever will be positive for malaria is 0.7.
How does a patient decide where to go for treatment : How does a patient decide where to go for treatment? What do patients expect from medical treatment? What leads people to seek treatment?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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