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The wheat harvesting season is short. Farmers deliver their truck loads of wheat to a giant central storage bin within a two-week span. Because of this, wheat-filled trucks waiting to unload and return to the fields have been known to back up for a block at the receiving bin. The central bin is owned cooperatively and it is to every farmer's benefit to make the unloading/storage process as efficient as possible. Waiting and unloading cost for truck and driver is $18/per hour. The storage bin is open and operated 16 hours per day, 7 days per week during the harvest season and is capable of unloading 35 trucks per hour according to exponential distribution. Full trucks arrive all day long (during the hours the bin is open) at a rate of about 30 per hour, following a Poisson pattern.
a) Average number of trucks in the unloading system
b) Average time per truck in the system
c) Utilization rate for the bin area
d) Probability taht there are more than three trucks in the system at any given time
e) Total daily cost to the farmers of having their trucks tied up at any given time
f) If they enlarged the bin it would cut unloading costs by 50%. It will cost $9,000 to do so. Would it be worth it?
Carry out F test for significance of straight line regression of Y on X and interpret your results.
If sample of size 10 packages is randomly chosen, and 5 percent rate holds, determine the probability that exactly 2 packages in the sample arrive late?
Using the .10 level of significance, can we conclude that the assembly time using the new method is faster?
What purpose does a multiple regression analysis serve? Give an example of how it might be used in marketing research.
Recently, students in a marketing research class were interested in the driving behavior of students. Specifically, the marketing students were interested if exceeding the speed limit was related to gender.
Determine the area under the standard normal curve that lies: (a) to the left of Z = -2.31 (b) to the right of Z = -1.47 (c) between Z = -2.31 and Z = -1.47 (d) between Z = 1.47 and Z = 2.31
Payne (2001) gave participants a computerized task in which they first see a face and then a picture of either a gun or a tool. The task was to press one button if it was a tool and a different one if it was a gun.
Assume that the measurements came from a normal distribution. The variability of the manufacturing process is unknown means the same as the standard deviation is unknown.
Critically discuss the purpose of developing a frequency distribution? What is the relationship between the relative frequency and the cumulative frequency? Could a frequency distribution contain qualitative data? Why?
Assume the population proportion is 0.17 and a simple random sample of 850 households will be selected from the population. What is the probability that the sample proportion will be within ±0.02 of the population proportion?
A random variable has a standard deviation of 16, and an unknown mean. Find the lowest size of a simple random sample so that the sample mean estimates the population mean with a standard error no larger than 0.25.
A company's net sales is $ million from 1993-2002, determine the least squares equation and based on this info, what are the estimated sales for 2005?
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