A management consulting firm specializing in transportation

Assignment Help Management Theories

Reference no: EM131095223

Runzheimer International, a management consulting firm specializing in transportation reimbursement, released the results of a survey on July 28, 2005. It indicated that it costs more to own a car in Detroit, an amazing $11,844 a year for a mid-sized sedan, than in any other city in the country. The survey revealed that insurance, at $5,162 annually for liability, collision, and comprehensive coverage, is the biggest single reason that maintaining a car in the Motor City is so expensive. A sample size of 100 car owners in Los Angeles was used to determine if the cost of owning a car was more than 10% less than in Detroit. A hypothesis test with a significance level of 0.01 and a standard deviation of $750 is used. Determine the probability that the test will conclude the cost of owning a car in Los Angeles is not more than 10% less than in Detroit when in fact the average cost is $10,361.

Reference no: EM131095223

Questions Cloud

Production and sale of a typical : Suppose that all of the TVs manufactured in this plant are exported to the United States and purchased by U.S. households. How would the production and sale of a typical TV at this plant show up in U.S. GDP and its components?

How will the new health system affect the way personal habit : How will the new health system under the Affordable Care Act affect the way personal and lifestyle habits (e.g., overeating, excessive drinking, smoking) and health care costs are managed?

Equilibrium quantity of wheat : Assuming that over the last three years the equilibrium quantity of wheat has risen while over the same period the equilibrium price has not changed, which of the following is the most likely explanation of these facts?

What benefits exist other than a wider market : Internationalization means diversifying operations to other world countries and regions. This trend is common in the modern society, but then here am asking, why would a firm opt to internationalize? What benefits exist other than a wider market.

A management consulting firm specializing in transportation : Runzheimer International, a management consulting firm specializing in transportation reimbursement, released the results of a survey on July 28, 2005. It indicated that it costs more to own a car in Detroit, an amazing $11,844 a year for a mid-si..

Tax rebate for new home purchases : The purpose was to boost GDP through consumer spending. Can you find any evidence of its effectiveness? What about the tax rebate for new home purchases? Cash for Clunkers? How can government spending influence the economy?

Important discipline in economic analysis : Mathematics is a very important discipline in economic analysis. This is largely due to the fact that most variables in economics are related and can as well be expressed mathematically.

Economic statistics reports that the average annual salary : The U.S. Bureau of Economic Statistics reports that the average annual salary in the metropolitan Boston area is $50542. Suppose annual salaries in the metropolitan Boston area are normally distributed with a standard deviation of $4246. A Boston ..

Describe macintyres reasons why institutions are unsuitable : In two or three paragraphs, describe MacIntyre's reasons why both institutions are unsuitable in terms of size and levels of intimacy.

User Account

All Pages