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The Edge Convenience Store has approximately 300 customers shopping in its store between 9 am and 5pm on Saturdays. In deciding how many cash registers to keep open each Saturday, Edge's manager considers two factors: customer waiting time (and the associated waiting cost) and the service costs of employing additional checkout clerks. Checkout clerks are paid an average of $10 per hour. When only one is on duty, the waiting time per customer is about 10 minutes (or 1/6 hour); when two clerks are on duty, the average checkout time is 6 minutes per person; 4 minutes when 3 are working and 3 minutes when four clerks are on duty. Edge's management has conducted customer satisfaction surveys and has been able to estimate that the store suffers approximately $13 in lost sales and goodwill for every hour of customer waiting in line to checkout. Using the information provided, determine the optimal number of clerks to have on duty each Satyrday to minimize the store's total expected cost.
Due to large losses incurred in the past several years, a firm has $2 billion in tax-loss carryforwards. This means that the next $2 billion of the firm's income will be free from corporate income taxes.
Mean and standard deviation are 584.6 and 34.28
Hypothesis test for two factors ANOVA. Describe what thses represent and, based on figure, whether there is a problem with the data r otherwise.
What are some differences between discrete and continuous data? Is the measurement of money continuous or discrete? Explain. Can discrete data be analyzed using a normal distribution? Why or why not?
If an urn is selected at random and a ball is drawn, find the probability it will be red.
A previously used drug treatment has a mean remission time of 12.5 weeks. Does the data indicate that the mean remission time using the new drug is different from 12.5 week at a level of significance of 0.01?
Set up probability distribution by illustrating all x values and their associated probabilities. List sample space of tossing a fair coin.
Assume that you have a binomial experiment with p = 0.5 and a sample size of 100. The expected value of this distribution is.
We wish to create this mean value interval for selling price with 95% confidence level. Find out the best point estimate (average) for selling price. Critical t-value(s) associated with 95% confidence level.
Whirltag claims that the useful lifetime of its dishwashers is normally distributed with a mean of 3 years and a standard deviation 1 year.
Evaluate the value of the F statistic for Devices- I plan an experiment to test the latest conflicting diet programs. The factor for Diet will involve three different levels: low fat, low carbohydrate, and low calorie. The other factor will involve..
Assume the first patient is assigned treatment A, and whenever there is a tie in marginal discrepancy, the next patient is assigned treatment A. Use w0 = 2 and w1 = 1. Show all you work.
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