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1. A fast-food franchiser is considering building a restaurant at a certain location. Based on financial analysis, a site is acceptable only if the number of pedestrians passing the location averages more than 100 per hour. A random sample of 50 hours produced a sample mean of 110 pedestrians per hour. Historical studies have shown that the population standard deviation is 12 pedestrians per hour.
a. Does this data provide sufficient evidence to establish that the site is acceptable? Use a 0.05 level of significance. State your null and alternate hypothesis, and further, state your conclusion in non-technical terms. Also, what is the p-value for this hypothesis test?
Apply the EOQ model to the following quantity discount situation in which D=500 units per year, C0=$40, and the annual holding cost rate is 20%. What order quantity do you recommend?
The speed limit on Interstate 75 around Findlay, Ohio, is 65 mph. On a clear day with no construction, the mean speed of automobiles was measured at 63 mph with a standard deviation of 8 mph.
Compute the mean, median, mode and standard deviation for the following discrete probability distribution.
What are the 3 measures of dispersion/variation in a dataset? How do you calculate each of these 3 measures?
For the mold described in (g), can you find the probability that it's COST value will exceed $150,000? If yes, obtain this probability. If no, why not?
For a sample of 36 students in a class the mean score in Mathematics is 72 with a standard deviation of 7. Find the 95% confidence interval for the mean score.
What do the coefficients of the regression line tell you about the relationship between mortgage rates and housing starts?
Give a probability distribution for the following: In 1992, the Big 10 collegiate sports conference moved to have women compose at least 40% of its athletes within 5 years.
Describe the effect of an outlier or extreme value on the confidence interval - Find the probability that the return for common stocks
The mean number of flaws per 100 m of material produced on a certain machine at Blanktown Fabrics is 2. If flaws occur randomly, find the probability that in 50 m of material there will be less than 2 flaws.
Conduct a two-sample test of means. A study by a bank compared the average savings of customers who were depositors for three years or less with those who had been depositors for more than three years.
A company that has a large number of supermarket grocery stores claims that customers who pay by personal checks spend an average of $87 on groceries at these stores with a standard deviation of $22.
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