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. The average gasoline price of one of the major oil companies has been $1.25 per gallon. Recently the company has under taken several efficiency measures in order to reduce prices. Management is interested in determining whether their efficiency measures has been have actually reduced prices. That is, they are interested in deterring whether or not the current average price is significantly less than $1.25. A random sample of 49of their gas station is selected and the average price is determined to be $1.20. Assume that the population standard deviation (Ó) is $0.14.
(a) At a 95% confidence, test to determine wether the measures were effective in reducing the average prices
(b) Compute the p-value associated with the above sample results, and explain what conclusion can be drawn bases on the p-value?
The coffee/soup machine at the local bus station is supposed to fill cups with 6 ounces of soup. Ten cups of soup are brought with results of a mean of 5.93 ounces and a standard deviation of 0.13 ounces. Construct a 99% confidence interval for th..
A survey of 800 women shoppers found that 17% of them shop on impulse. What is the 98% confidence interval for the true proportion of women shoppers who shop on impulse?
A sustained long-term change in the level of the variable that is being forecasted per unit of time is: (A trend, A time series, Seasonality or A change due to business cycles)
In 2006, the Florida poll conducted by Florida International University asked whether current environmental regulations are too strict or not too strict. Of 1200 respondents. 229 said they were too strict. Find and interpret a (a) 95%. (b) 99% con..
In an ABCNews.com nationwide poll done in 2001, the proportion of respondents who thought that it should be illegal to use a hand held cell phone while driving a car was 69 %. The poll's sample was 1027.
A survey of 500 internet users found that the users were online an average of 6.5 hours a week with a standard deviation of 3.1 hours. If 49 internet users are randomly selected what is the probability that their average time online will be more t..
Population blood pressure (BP) of patients is normally distributed, with a mean of 127, and standard deviation of 8. A random sample of 49 patients in the hospital found an average BP of 125.
Plot the graphs of the following and identify the graph that represents the cooresponding functions and justify your answer.
Concrete blocks are to be used in the foundations of several buildings. The specifications state that the minimum arithmetic mean compressive strength of a sample of blocks must be 1,000 pounds per square inch (psi).
The manufacturer would like to establish inventory levels such that there is only a 2.5 percent chance of running out of stock. Where should the manufacturer set the inventory levels?
They tested a random sample of 40 batteries using a special device designed to imitate real-world use and recorded data on battery lifetime. Determine the sample mean (in minutes).
Determine the regression equation. Determine the coefficient of determination. Do you think Mr. Profit should be satisfied with using the size of the offering as the independent variable?
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