User Account

All Pages

Optimal attendance in terms of comfort and profit

Assignment Help Basic Statistics
Reference no: EM131751265

Question: Marketing and Consumer Behavior Red Rocks Park in Morrison, Colorado, is a naturally formed, rock, openair amphitheater 6450 feet above sea level. A random sample of events from Summer 2013 was obtained and the attendance for each was recorded. The summary statistics were x = 8722, s = 460.4, and n = 11. Assume the distribution of attendance is normal and use a = 0.01.

a. The amphitheater operators believe that 9000 people is the optimal attendance in terms of comfort and profit. Is there any evidence to suggest that the true mean attendance is different from 9000?

b. Find bounds on the p value associated with this test.

c. How large a sample size would be necessary for this test to be significant (assuming x¯ and s remain the same)?

Reference no: EM131751265

Questions Cloud

Maturity of the option will the investor break even : The premium of the option is $10 per share. At which stock price at the maturity of the option will the investor break even?
Planning to replace five machines : XYZ Co. is planning to replace five machines. Each new machine will cost $100,000. The supplier will trade in old machines and will deduct $150,000
Sensitivity of ocf to changes in quantity sold : Consider a 5 year project with an initial fixed asset investment of $350,000 straight-line depreciation to zero over the project's life, a zero salvage value
What are the lease payments : The lease payments are made at the beginning of each month. What are the lease payments? (Ignore taxes.)
Optimal attendance in terms of comfort and profit : The amphitheater operators believe that 9000 people is the optimal attendance in terms of comfort and profit. Is there any evidence to suggest that the true.
Review of the organizations industry product or service : Review of the organization's industry, product, or service, and it must be supported by your findings from research of relevant theories and models.
Systematic risk measure or beta : River valley beverages company has the interest-bearing debt: short term loan $ 100,000 @ 12% interest and long term debt $150,000 @ 15% and common equity.
Financial intermediation : Look in a business periodical for news about a recent financial transaction involving two financial institutions. For this transaction, determine the following:
Check the nonskewness criterion : Check the nonskewness criterion. Is a large-sample hypothesis test about p appropriate?

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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