Question: I was given an assignment: The average annual turnover rate of a brand of anti-hepatitis A drug is 6.0 (meaning the stock of medicine turns

I was given an assignment:

The average annual turnover rate of a brand of anti-hepatitis A drug is 6.0 (meaning the stock of medicine turns over on the shelf of Northstar Drug an average of six times a year.) The standard deviation for the population is 0.5. It is suspected by management that the orders have been over stated, and that the average turnover is actually lower than 6.0. Use the 0.05 significance level.

1.) How will you state the H0 and Ha?

2.) What is the value of a?

3.) What is the best statistic? State the formula.

4.) State the decision rule.

5.) A random sample of 64 bottles of the said medicine was selected and a mean turnover rate was computed to be 5.84. Shall we reject the null hypothesis at the .05 level? Interpret.

Thank you!

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