Calculate the test statistic correct

Assignment Help Business Economics
Reference no: EM131692376

Historically, the average waiting time spent in a queue on Friday afternoon at a bank's city branch was 10 minutes. To determine whether their new multi-queuing system constitutes an improvement, a random sample of 15 customers was taken and their waiting time recorded. The results are in the X1 column of the data file P14.12 which can be found in a folder under the CML Quizzes tab. Assume the distribution of waiting times is normally distributed.

1. State the direction of the alternative hypothesis used to test whether there is an improvement in average waiting time. Type gt (greater than), ge (greater than or equal to), lt (less than), le (less than or equal to) or ne (not equal to) as required in the box. 

2. Calculate the test statistic correct to three decimal places (hint: use Descriptive Statistics to calculated the standard deviation and sample mean). 

3. Use Kaddstat to determine the p-value for the test correct to four decimal places. 

4. Is the null hypothesis rejected for this test if a 5% level of significance is used? Type yes or no. 

5. Regardless of your answer for 4, if the null hypothesis was rejected, can we conclude that the average waiting time has improved with the new queuing system? Type yes or no.  

Y X1 X2

28 12.6 134

43 11.4 126

45 11.5 143

49 11.1 152

57 10.4 143

68 9.6 147

74 9.8 128

81 8.4 119

82 8.8 130

86 8.9 135

101 8.1 141

112 7.6 123

114 7.8 121

119 7.4 129

124 6.4 135

Reference no: EM131692376

Questions Cloud

Discuss the binomial distribution for various combinations : Look at the shape of the binomial distribution for various combinations of n and p. Specifically, let n = 5 and try p = 0.2, 0.5, and 0.8.
Performances in competition with one another : To what extent are performances in competition with one Another? To what extent are opera, theater, orchestral and dance industries in competition?
Describe ways in which media reflects a culture : Describe ways in which media reflects a culture, providing evidence to effectively support your discussion.
Probability that the student will be in time for the class : A student takes the campus shuttle bus to reach the classroom building. The shuttle bus arrives at his stop every 15 minutes but the actual arrival time.
Calculate the test statistic correct : Calculate the test statistic correct to three decimal places (hint: use Descriptive Statistics to calculated the standard deviation and sample mean).
What does a business contribution margin represent : What does a business's Contribution Margin represent? What does the Contribution Margin have to do with Operating Leverage?
What is the mtbf : A hydraulic press breaks down at the rate of 0.1742 time per day. If four days have passed without a breakdown, what is the probability that it will break down.
Previous year in which there was no drought : Why the answer for question In 2012, a severe drought led to an increase in the price of corn. Farmer Lyle was not affected by the drought.
Complete amortization schedule of the loan : Comment on your finding. Present your work in detail and explain. Provide references for content - Provide a complete amortization schedule of the loan

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

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