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Many chief executives have been under serious criticism from organized labor for the fat paychecks that they take home. An experiment was set up in which 15 observations were taken on the variables: Y = chief executives' pay (in thousands of dollars), X1 = firm's net profit (in millions of dollars), and X2 = number of employees (in thousands). Using excel, the following sample statistics were obtained: b1 = 0.1336, sb1 = 0.0424, b2 = -0.86, sb2 = 0.39.
a) Given that X2 is in the model, does X1 contribute to predicting the dependent variable at the .05 significance level?
b) Given that X1 is in the model, does X2 contribute to predicting the dependent variable at the .05 significance level?
The amounts of money requested on home loan applications at a particular bank follow the normal distribution, with a mean of $80,000 and a standard deviation of $24,000. A loan application is received during the day.
Construct a payoff table for Mountain Ski's decision problem of how many pairs of skis to order. What is the best decision from an expected value basis?
Discuss the role of sensitivity analysis in LP. Under what circumstances is it needed, and under what conditions do you think it is necessary?
Which of the following best expresses the value of using percentages in data presentation? A. Provides for the calculation of marginals.
Find the critical value for different types of sample size and level of significance:
A bag of jelly belly candies contains the following colored jelly beans: red (10), blue (2), orange (5), brown (21), green (0), and yellow (18). Construct the probability distribution for x.
Explain an organizational scenario where quantitative (ratio level of measurement) information is or could be used to make management decisions about creating, maintaining, or improving quality.
Suppose that you're the Quality Manager for the Emerson D. Meritz Machine Tool Company. Your model IE566 grinding machine is afflicted by three types of defects classified as major (type A), serious (type B) and minor (type C).
The weekly demand for a product follows a normal curve with an average of 1000 units and a standard deviation of 200 units. In how many weeks during a typical 52-week year would be above 800 units?
Use this information to construct a probability table, and then calculate each of the following probabilities:
Translate this into a statistical hypothesis-testing problem and carry out the test. Be sure to give the null and alternative hypotheses, the value of the test statistic, the p-value, and your conclusions.
How is this relationship different from the bi-variate relationships?
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