a small business woman has realised that one of her products,if the price per unit is ghc 20 she can sell 300 units a day. On the other hand,if thr price per unit is reduced to ghc13 ,she can sell 440 units a day .from the accounting records,her accountant has estimated the fixed cost of production as ghc 2000 with a variable cost per unit of ghc 10 .find an expression relating price and outpuy assuming it is linear . state the total cost function assuming it is linear . advice the business woman on the level of production at which she will break even. state the break even values

There is 8% (P=0.08) that Frances concludes that the new equipment increases the average daily jewelry production when in fact the new equipment has no effect.

Step-by-step explanation:

We have one-sample z-test with a significance level of 0.08 and a power ot the test of 0.85.

In this test, the null hypothesis will state that the new equipment has the same  productivity of the older equipment. The alternative hypothesis is that there is a significative improvement from the use of new equipment.

The probability that Frances concludes that the new equipment increases the average daily jewelry production when in fact the new equipment has no effect is equal to the probability of making a Type I error (rejecting a true null hypothesis).

The probability of making a Type I error is defined by the level of significance, and in this test this value is α=0.08.

Then, there is 8% that Frances concludes that the new equipment increases the average daily jewelry production when in fact the new equipment has no effect.