Customers arrive at movie theater at the advertised movie

Assignment Help Business Economics

Reference no: EM131007996

Customers arrive at a movie theater at the advertised movie time only to find that they have to sit through several previews and pre preview ads before the movie starts. Many complain that the time devoted to previews is too long (The Wall Street Journal, October 12, 2012). A preliminary sample conducted by The Wall Street Journal showed that the standard deviation of the amount of time devoted to previews was four minutes. Use that as a planning value for the standard deviation in answering the following questions.

a. If we want to estimate the population mean time for previews at movie theaters with a margin of error of 75 seconds, what sample size should be used? Assume 95% confidence.

b. If we want to estimate the population mean time for previews at movie theaters with a margin of error of 1 minute, what sample size should be used? Assume 95% confidence.

Reference no: EM131007996

Questions Cloud

Current economic climate nationwide and locally : Given the current economic climate nationwide and locally, the state of Delmarva would like to impose a higher tax on out-of-state companies doing business in the state than it imposes on in-state companies. Is this law legal, or is it a violation of..

The preferred stock of tory corporation was purchased : Land costing $46 million was acquired by issuing $23 million cash and a 15%, four-year, $23 million note payable to the seller.

Value of the additional information : The company's experts estimate that if they send the fact-finding mission, there's a 70% chance that they'll con- clude there's a 0.4 probability of higher oil prices. What would the value of the additional information be to the company?

Determine the equivalent uniform annual cost of costs : A mechanical engineer must recommend a new heating system to a commercial building owner. The owner intends to sell the building in 15 years. A gas fired furnace option has a design life of 5 years, an initial cost of $10,000, a replacement cost of $..

Customers arrive at movie theater at the advertised movie : Customers arrive at a movie theater at the advertised movie time only to find that they have to sit through several previews and pre preview ads before the movie starts. Many complain that the time devoted to previews is too long (The Wall Street Jou..

Advertising strategies evpi : 1. Advertising strategies EVPI. a) For the advertising strategies of Exercise 25 and using the probability of 0.70 for rising consumer confidence, what is the Expected Value of Perfect Information (EVPI)?

What is their maximum joint revenue : Kristen and Anna live in the beach town of Santa Monica. They own a small business in which they make wristbands and pot holders and sell them to people on the beach. As shown in the table, Kristen can make 15 wristbands per hour but only 3 pot holde..

Is the slope of the line positive or negative : The least squares line for the data since year 1400 is shown on the graph. Is the slope of the line positive or negative? What does this imply? Consider cooperation use (x) as a predictor of average payoff (y). Based on the scattergram, is there ..

Probability of rising consumer confidence : 1. Advertising strategies decisions. For the payoff table in Exercise 17, find the action with the highest expected value. a) If forecasters think the probability of rising consumer confidence is 0.70, what is its expected value?

User Account

All Pages