What is the value of the statistic and what is the value

Assignment Help Accounting Basics
Reference no: EM133506248

Question: A manufacturer of boxed hair dyes, sold in supermarkets, claims that about 0.5% of all users will have an allergic reaction to their products. This manufacturer produces approximately 6000 boxes of hair dye per day during business hours, 5 days per week. A consumer group has received several complaints from users of this product who suffered allergic reactions. The consumer group has approached the manufacturer, asking for a response. The manager was asked to randomly sample some boxed hair dyes to test for correct chemical ingredients. After selecting a random sample of 10 boxes of hair dyes, and testing, the manager found 1% of boxed hair dyes had incorrect chemical ingredients that could lead to an allergic reaction in a user.

Please answer each of the following, in the context at this question.

a) Describe the Who and  Why of the data.

b) What is the value of the statistic and what is the value of the parameter?

c) will the sample collected by the manager suffer from any sampling error? If so, brie?y explain your answer and how it may be remedied.

 

 

Reference no: EM133506248

Questions Cloud

Calculate the five components of roe and verify : Compute return on equity (ROE) for both companies for fiscal 2013 and 2012. Calculate the five components of ROE and verify that their product equals ROE.
Research and investigate the strategy : Research and investigate the strategy that Under Armour is using to stay on top of the game and successfully compete against other companies in the market.
Make some surprising changes to remain successful : A lot of companies will likely need to pivot and make some surprising changes to remain successful in a world that is using less and less fossil fuels.
Describe your ideal self-care routine : Describe your current self-care routine and then describe your ideal self-care routine (if time, money, etc. were not a factor).
What is the value of the statistic and what is the value : Describe the Who and Why of the data. - What is the value of the statistic and what is the value of the parameter?
Determine net u.s. tax liability on foreign source income : Determine the amount of U.S. taxable income for each entity. Calculate the foreign tax credit allowed in the United States, by basket (branch income
What was the amount of net pay : What was the amount of net pay? Assuming Lightning Electronics also must pay $440 of unemployment taxes for this pay period, what amount would be reported as
Discuss the findings in the escanda case as they relate : Discuss the findings in the Escanda case as they relate to an auditor's liability to a third party.
Examine the epidemiology of the chosen disease : Examine the epidemiology of the chosen disease, reviewing its history and trend, comparing the national trend to the chosen local jurisdiction.

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.

  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!

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