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Appropriate Hypothesis Testing Procedures

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What are some business situations in which appropriate hypothesis testing procedures could be used?

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Solution Summary

This Solution contains over 200 words and discusses 7 appropriate situations where hypothesis testing could be used.

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There are several situations:

1. Statistical process control: To establish whether the process parameters are within control or not (confidence interval)

2. Acceptance sampling: Whether we should accept a particular lot or not (quality testing)

3. Market segmentation: Whether the consumes with different profiles have different elasticities of price, whether they have different ...

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