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You work in the corporate office for a nationwide convenience store franchise that operates nearly 10,000 stores. The per-store daily customer count has been steady, at 900, for some time (i.e., the mean number of customers in a store in one day is 900). To increase the customer count, the franchise is considering cutting coffee prices by approximately half. The 12-ounce size will now be $0.59 instead of $0.99, and the 16-ounce size will be $0.69 instead of $1.19. Even with this reduction in price, the franchise will have a 40% gross margin on coffee. To test the new initiative, the franchise has reduced coffee prices in a sample of 34 stores, where customer counts have been running almost exactly at the national average of 900. After four weeks, the sample stores stabilize at a mean customer count of 974 and a standard deviation of 96. This increase seems like a substantial amount to you, but it also seems like a pretty small sample. Is there some way to get a feel for what the mean per-store count in all the stores will be if you cut coffee prices nationwide? Do you think reducing coffee prices is a good strategy for increasing the mean customer count?
How many boxes must the processor sample to be 95 percent confident that the sample mean does not differ from the population mean by more than 0.2 pounds?
In the 1992 U.S. presidential election, Bill Clinton received 43% of the vote compared to 38% for George H. W. Bush and 19% for Ross Perot. Suppose we had taken a random sample of 100 voters in an exit poll and asked them for whom they had voted.
Can we conclude that mean time for game is less than 3.50 hours? Use.05 significance level.
Bicycle helmet use. Table lists data from a cross-sectional survey of bicycle safety. The explanatory variable is a measure of neighbourhood socioeconomic status (variable_RFM). The response variable is "percent of bicycle riders wearing a helmet"..
Determine equation in point-intercept form for line that goes through points (8,-1) and (4,3).
What is the probability that the mean weight for a sample of 40 trout exceeds 405.5 grams?
What are the pros and cons of selecting an established theoretical or conceptual model or framework? What are the pros and cons of creating/developing your own?
A random sample of 50 female CFO's and a random sample of 40 male CFO's are selected. Find the expected value of the sample mean difference.
To test there is significant difference among the mean of income using ANOVA. A developer of real estate is considering investing in a shopping mall on the outskirts of Atlanta, Georgia.
Calculate the appropriate test statistic to test the hypotheses related to the concern and test at 5% and 1%.
Form the cumulative percentage distribution and plan a cumulative percentage polygon.
Critically illustrate out the range? What is the arithmetic mean income? What is the population variance?
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