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.