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A jeweler is planning on manufacturing gold chains. His design calls for a chain to contain 0.08 ounce of gold. The jeweler wants to know if the chains he makes contain, on average, 0.08 ounce of gold. To determine whether the chains contain 0.08 ounce of gold, he takes a random sample of 15 chains and obtains the following data:
0.0773 0.0779 0.0756 0.0792 0.0777
0.0818 0.0802 0.0802 0.0785 0.0764
0.0786 0.0776 0.0793 0.0755 0.0806
The data has a standard deviation of 0.00178. Find p-value for the jeweler.
a. p = 0.0232
b. p = 1.507
c. p = 1.682
d. p = 0.232
In the previous question do the values fall within an accepted range and why?
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