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A large furniture store has begun a new ad campaign on local television. Before the campaign, the longterm average daily sales were $24,819. A random sample of 40 days during the new ad campaign gave a sample mean daily sale of x = $25,910. Does this indicate that the population mean daily sales is now more than $24,819? Use a 1% level of significance. Assume σ = $1917. (a) What is the level of significance? State the null and alternate hypotheses. Will you use a left-tailed, right-tailed, or two-tailed test? (b) Identify the sampling distribution you will use: the standard normal or the Student's t. Explain the rationale for your choice. What is the value of the sample test statistic? (c) Find (or estimate) the P-value. Sketch the sampling distribution and show the area corresponding to the P-value. (d) Find the critical value(s). (e) Based on your answers for parts (a) to (d), will you reject or fail to reject the null hypothesis? State your conclusion in the context of the application.
The area under a normal curve is always equal to 1, no matter what the mean and standard deviation are.
Ethics. The one-time fling! Have you ever purchased an article of clothing (dress, sports, jackets, etc.) worn the item once to a party, then returned the purchase?
a. Define variables that would tell how many units to purchase from each source. b. Develop an objective function that would minimize the total cost.
Determine critical value for boundary of the rejection region (i.e., Zα).
There were 3 defectives in the first batch and 5 in the second. Find a 95% confidence interval using the plus four method for the difference in the proportion of defectives.
State the main points of the Central Limit Theorem for a mean. Why is population shape of concern when estimating a mean? What does sample size have to do with it?"
Give an example of how Regression Analysis can be used in your work to make a business decision. Give the dependent and independent variables.
Each year the local country club sponsors a tennis tournament. Play starts with 128 participants. During each round, half of the players are eliminated.
Determine the expected number of Republicans who will win office in the coming election? Illustrate the standard deviation of r?
Illustrate how you could use the interrupted time series design to naswer a real world research question through the use of archival data.
Fidelity Magellan is a large cap growth mutual fund and Fidelity Small Cap Stock is a small cap growth mutual fund (Morningstar Funds 500, 2006).
A lumber company has claimed that the standard deviation for the lengths of their 6 foot boards is 0.5 inches or less. To test their claim , a random sample of 17 six-foot boards is selected
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