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A bus company believes that it will need the following numbers of bus drivers during each of the next 5 years:
60 drivers in year 1; 70 drivers in year 2; 50 drivers in year 3; 65 drivers in year 4; 75 drivers in year 5. At the beginning of each year, the bus company must decide how many drivers to hire or fire. It costs $4000 to hire a driver and $2000 to fire a driver. A driver's salary is $10,000 per year. At the beginning of year 1 the company has 50 drivers. A driver hired at the beginning of a year can be used to meet the current year's requirements and is paid full salary for the current year.
a. Determine how to minimize the bus company's salary, hiring, and firing costs over the next 5 years.
It has been reported that 80% of taxpayers who are audited by the Internal Revenue Service end up paying more money in taxes. Assume that auditors are randomly assigned to cases, and that one of the ways the IRS oversees its auditors is to monitor..
Let p represent the population proportion of all numbers in the corporate file that have a first nonzero digit of 1. Test the claim that p is less than 0.301 by using What is the P-value of the test statistic?
Larry Jacava is considering producing a novelty item for golfers that will be sold through pro shops. Larry has decided on a selling price of $3.50 for the item. The item's variable cost of production is $2.00 per unit with a fixed cost of $3,750.
Bill calculates a linear correlation coefficient between two variable as 1.20. How would you interpret this?
Failure times for a randomly failing component are 3.3, 14.3, 27.1, 41.3, and 92.2 hours. Find the MTTF and standard deviation using: a) moment estimation. b) maximum likelihood estimation.
Between 180 and 230 (inclusive) of the drivers in the sample regularly wear a seatbelt? Hint: Use the BINOMDIST function in Excel.
Compute the score based on their appropriate class means and standard deviations:
Imagine that these results are disseminated to the general public through publication and media coverage. Write about one possible harmful consequence that these conclusions could have in the "everyday" world.
The Awake Coffee Company produces gourmet instant coffee. The company wants to be sure that the average fill of coffee containers is 12.0 ounces.
Any person who is familiar with these trees understand the height of a California redwood tree which is related to another characteristics of the tree.
At the 5% level of significance, can we infer that branch A has a significantly higher proportion of satisfied customers than branch B?
Use Chebyshev's theorem to determine what percent of values will fall between 58 and 82 for data set with mean of 70 and standard deviation of 4.
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