Confidence interval for the average amount of time

Assignment Help Basic Statistics
Reference no: EM131997101

Can you please assist, preferably without using excel for explanations!

Americans shop for groceries week after week. A website builder from Texas has developed a new approach to increase sales by decreasing the time people spend visiting the grocery stores by creating an online grocery website. To minimize the risk of loosing customers online, the owner of the business requests a test of the new marketing strategy, for a small unimportant segment of her market. In one week test, 36 people spent an average of 15 minutes visiting her site with a standard deviation of 5 minutes.

  • What is the 99% confidence interval for the average amount of time all web customers of her company will spend visiting the new website?
  • Do we need to assume the distribution of the time all customers spend visiting the new web site is normally distributed for the interval found in the first question to be valid?
  • The company's success criterion is based on getting customers to spend on average at least 20 minutes on the web site. Using the answer in the first question , is there sufficient reason to believe that the new strategy has been successful?
  • Suppose we want a 95% confidence interval for the population mean with (+ or - 1 minute). What sample size is needed? (assume the standard deviation remains 5 minutes)

Reference no: EM131997101

Questions Cloud

Develop a spreadsheet model and solve the problem : The Sea Wharf Restaurant would like to determine the best way to allocate a monthly advertising budget of $1000 between newspaper advertising and radio.
Describe the operating leverage of your current employer : In your words, describe operating leverage and how it might be useful to you. How would you describe the operating leverage of your current or previous employer
What additional information would be helpful : From the above statement what additional information would be helpful?
Find increase in company value : The Maxwell Company is financed entirely with equity. The company is considering a loan of $1.9 million. The loan will be repaid in equal principal installments
Confidence interval for the average amount of time : What is the 99% confidence interval for the average amount of time all web customers of her company will spend visiting the new website?
What rate must be set to generate the required in profit : You have been asked to establish a pricing structure for radiology on a per-procedure basis. What rate must be set to generate the required $80,000 in profit
Find what is the initial weighted average cost of capital : The McGee Corporation finds it is necessary to determine its marginal cost of capital. McGee's current capital structure calls for 40 percent debt.
Determine the p-value for test : We can't determine the p-value for this test because we do not have the sample mean, hypothesized mean, and sample standard deviation.
Find the new djia level : In May 2012, IBM was the highest priced stock in the DJIA and Alcoa was the lowest. On May 9, 2012, the DJIA opened at 9,121.71. The divisor at that time was.

Reviews

Write a Review

Basic Statistics Questions & Answers

  Statistics-probability assignment

MATH1550H: Assignment:  Question:  A word is selected at random from the following poem of Persian poet and mathematician Omar Khayyam (1048-1131), translated by English poet Edward Fitzgerald (1808-1883). Find the expected value of the length of th..

  What is the least number

MATH1550H: Assignment:  Question:     what is the least number of applicants that should be interviewed so as to have at least 50% chance of finding one such secretary?

  Determine the value of k

MATH1550H: Assignment:  Question:     Experience shows that X, the number of customers entering a post office during any period of time t, is a random variable the probability mass function of which is of the form

  What is the probability

MATH1550H: Assignment:Questions: (Genetics) What is the probability that at most two of the offspring are aa?

  Binomial distributions

MATH1550H: Assignment:  Questions:  Let’s assume the department of Mathematics of Trent University has 11 faculty members. For i = 0; 1; 2; 3; find pi, the probability that i of them were born on Canada Day using the binomial distributions.

  Caselet on mcdonald’s vs. burger king - waiting time

Caselet on McDonald’s vs. Burger King - Waiting time

  Generate descriptive statistics

Generate descriptive statistics. Create a stem-and-leaf plot of the data and box plot of the data.

  Sampling variability and standard error

Problems on Sampling Variability and Standard Error and Confidence Intervals

  Estimate the population mean

Estimate the population mean

  Conduct a marketing experiment

Conduct a marketing experiment in which students are to taste one of two different brands of soft drink

  Find out the probability

Find out the probability

  Linear programming models

LINEAR PROGRAMMING MODELS

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd