Publicized price reduction the average daily attendance

Assignment Help Basic Statistics
Reference no: EM132907175

The average daily attendance of a small amusement park is 4,219 people. In order to increase the average daily attendance, the park owners decided to lower the price for admissions. For the first 25 days after the highly publicized price reduction the average daily attendance was 4,537. You can assume that the population standard deviation is 674.

Assume that these 25 days can be considered a random sample of the days to come and that daily attendance follows a normal distribution.

-Test at the 5% level of significance whether the price reduction was effective. Explain your approach and result.

-How and why would your answer to a) change if the significance level had been 1%?

Reference no: EM132907175

Questions Cloud

What is the expected value of random variable : Patty arrives at a bus stop. The time she will have to wait for the bus is some time between 0 and 20 minutes with all wait times equally likely.
What factors distinguish financial management : What are the six major factors that distinguish multinational financial management from financial management as practiced by a purely domestic firm
Maximize the fund return : A trust fund is planning to invest up to $6000 in two types of bonds.: A and B. Bond A is safer than bond B and carries a dividend of 8% while bond B carries a
What is a multinational corporation : Problem - With the growth in demand for exotic foods, What is a multinational corporation? Why do firms expand into other countries
Publicized price reduction the average daily attendance : The average daily attendance of a small amusement park is 4,219 people. In order to increase the average daily attendance, the park owners decided to lower the
Evaluate the two matrices using current actions : Evaluate the two matrices using current actions by each country to see which most likely benefits domestic consumers
Why quality engineers use standard deviation in work : Why banks now have a single waiting line whereas in the past there were multiple waiting lines?
Competitiveness affects equilibrium price and quantity : How the change in competitiveness affects equilibrium price and quantity - describe how opening up to trade specifically affects a domestic monopoly.
What is the present value of the dividend stream : Chapman owns 10 million shares of V. Gomez. What is the present value of the dividend stream, in dollars, assuming V. Gomez's cost of equity is 13%

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