QNT 561 Week Five Book Problems

1.      

Dole Pineapple, Inc. is concerned that the 16-ounce can of sliced pineapple is being overfilled. Assume the standard deviation of the process is .03 ounces. The quality-control department took a random sample of 50 cans and found that the arithmetic mean weigh was 16.05 ounces. At the 5 percent level of significance, can we conclude that the mean weight is greater than 16 ounces? Determine the p-value.

  

2.       A recent article in The Wall Street Journal reported that the 30-year mortgage is now less than 6 percent. A sample of eight small banks in the Midwest revealed the following 30-year rates (in percent):

4.8       5.3       6.5       4.8        6.1         5.8         6.2         5.6  

At the .01 significance level, can we conclude that the 30-year mortgage for small banks is less than 6 percent? Estimate the p-value.