Based on Food and Drug Administration (FDA) statistics, the average time to development of a new drug is 2500 days (source: asco.org). You track a random sample of 50 new drugs and discover that the average time to development for the drugs in the sample is 2428 days. Is this sufficient sample evidence to make the case the average development time is not 2,500 days? Use a significance level of 1%. Assume the population standard deviation is 380 days.
Answer to relevant QuestionsAccording to a survey by CCH Inc., an Illinois based consulting firm specializing in human resource management, US companies granted an average of 6.9 employee sick days during the past year (source: oregonlive.com). You ...According to the Centers for Disease Control and Prevention, average life expectancy in the United States has risen to 77.6 years (source: cnn.com). It has been suggested that residents in rural areas of the Southwest have a ...Plexon Tire and Rubber Company claims that its Delton III tires have an average life of at least 50,000 miles. You take a random sample of 50 Delton III tires to test Plexon’s claim. The average life for the tires in your ...Refer to Exercise 54 (Plexon Tires). Use the p value approach to answer the following questions. In exercise Plexon Tire and Rubber Company claims that its Delton III tires have an average life of at least 50,000 miles. You ...The competing hypotheses for a particular hypothesis test are as follows: H0: μ < 2500 Ha: μ < 2500 A random sample of size 36 is taken from the target population. The sample mean is 2525. Assume the population standard ...
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