QUESTION 18 In a survey of 130 publicly-traded companies, the average price-earn

Question

QUESTION 18

In a survey of 130 publicly-traded companies, the average price-earnings ratio was 19.5 with a standard deviation of 9.2. When testing the hypothesis (at the 5% level of significance) that the average energy use has decreased from the past value of 17.8, the test statistic is 2.10. What is the p-value? (please round your answer to 4 decimal places)

QUESTION 19

Suppose the following probability distribution describes the number of T-shirts that may be sold at a largely populated swim meet: 13% of the time demand is 150 , 27% of the time demand is 251, 32% of the time demand is 385, and demand is 469 the rest of the time. If each T-shirt costs $3.50 to make and they sell for $11, what is the expected profit if the company makes 385 T-shirts? (please express your answer using 2 decimal places)

Explanation / Answer

18.

As z = 2.10, and by "decreased", we see that it is one tailed.

Using a table/technology, the left tailed area of this is          
          
P(z <   2.1   ) =    0.9821
          
Thus, the right tailed area is the complement,          
P(z >   2.1   ) =    0.0179 [ANSWER, P VALUE]

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