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You are working on an analysis of your company's current cost structure reviewing the various fixed and variable costs within your firm. Your objective is to maximize your firm's profit. In reviewing your current sales you are confident that you will reach a sales level of 40,000 units. Your fixed costs are presently $500,000 with a variable cost per unit of $25 per unit and a sales price of $43 Your options are:
a. Increase your fixed costs by $50,000 which will decrease variable costs by $8 per unit.b. Sell off $100,000 of your fixed costs which will increase your variable costs by $12 per unit.c. Decrease your sales price by $5 in order to increase sales by 5,000 units. Which of the above alternatives would your choose to increase profits?
Estimate and interpret the p-value of the calculated test statistic above.
A 10 year study by the American Heart Association provided data on how age, blood pressure and smoking relate to the risk of strokes.
Complete the table and answer the following questions. Use the .05 significance level.
Suppose that 40% of cars in your area are manufactured in the United States, 30% in Japan, 10% in Germany, and 20% in other countries. If you randomly select 6 cars, what is the probability that two of them are Japanese?
You've administered a standardized test of manual dexterity to two groups of 10 semi skilled workers. One of these two groups of workers will be employed by you to work in a warehouse with many fragile items.
How large a sample size will need to be selected if we wish to have a 99% confidence interval with a margin for error of .10 oz?
Of the 500 students who responded to a survey about recycling on campus, 350 said they recycle on a regular basis. The sample proportion is ??
Assume that the random sample of 200 light bulbs has mean life of 635 hours and standard deviation of 48 hours. Before applying Empirical Rule, what suppositions requires to be made about distribution of lifetimes of light bulbs?
Make a his-togram of the distribution of these 31 scores. Does your plot show outliers, clear skewness, or other non- Normal features? Using a calculator, find the mean and standard deviation of these scores.
Jill wants to do her MBA in Statistics at a B.C. university. She applies to two universities that offer post-graduate degrees in Statistics.
There are four conditions/requirements that must be met in order to perform simple linear regression. For each of the conditions below, choose the technique that should be used to determine whether or not that the condition is met.
A population has a mean of 53 and a standard deviation of 21. A sample of 49 observations will be taken what is the probability that the sample mean will be greater than 57.95?
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