You have a falafel cart and you sell falafel every weekday near Washington Square Park during...

You have a falafel cart and you sell falafel every weekday near Washington Square Park during lunch time. Your daily revenue is normally distributed with a mean of $200 and a standard deviation of $50.

(a) Suppose there is another location that might be worth switching to. You plan to experiment with selling there for awhile, and then use a hypothesis test to determine whether you should switch. If the new location has a normally distributed revenue with a true mean of 210 and a standard deviation of 50, how many days would you have to try selling there to have a power of 50%. Use an α = .05 (significance level).

(b) Suppose you try selling at another location for 16 days, and on average you sell $220 worth of falafel with a sample standard deviation of $36 Using an α = .05, test whether the new location is worth switching to.

Expert Solution

(A)

New location will be worth if revenue seems to be increase in new location so we need to test whether average revenue is greater than 200. That is test will be right tailed.

(B)

orchestra answered 2 years ago

Suppose you pick 50 clovers from the grass in Washington square park. Some clovers are four-leaf...

Suppose you pick 50 clovers from the grass in Washington square park. Some clovers are four-leaf clovers but most have only three leaves. Suppose clovers develop their leaves inde- pendently of each other and there is some probability p that they will develop into a four-leaf clover. Calculate the probability that you get two or fewer four-leaf clovers, for each of p = 0.1, 0.05, 0.01. For each value of p, do the calculation in three ways: the exact calculation,...

during the Calgary stampede Rod and Martha rent a booth space near the event and sell...

during the Calgary stampede Rod and Martha rent a booth space near the event and sell their products to the event attendees in the past they have only made a cash sales the electrical supply is not reliable in the booth area and their credit card reader needs electric power to operate they believe they might be losing sales because customers cannot use their credit cards using your favorite search engine resources in the library investigate portable credit card reader...

Consider that you have a water park and a slide with no friction in it ....

Consider that you have a water park and a slide with no friction in it . Park visitors slide a vertical distance hh down the waterslide in a sitting position. When they come to the bottom of the slide, they grab a handle at the bottom end of a 5.00-m-long uniform pole. The pole hangs vertically, initially at rest. The upper end of the pole is pivoted about a stationary, frictionless axle. The pole with a person hanging on the...

Suppose that you won an exclusive bid to sell Christmas trees from National Park Service (NPS)....

Suppose that you won an exclusive bid to sell Christmas trees from National Park Service (NPS). However, NPS requires that you plant one and a half multiple of any number of trees you cut. For example, if you cut 4 trees, you have to plant 8 trees. If you cut 9, you have to plant 27 trees. The NPS may argue that the number of trees that survive is proportional to the number of tree that you grow. Or, they...

You anda friend have built a cart. Your friends pushed you on a level parking lot...

You anda friend have built a cart. Your friends pushed you on a level parking lot with constant force for five seconds. Final speed 15 m/s. You then coast 80 meters to a stop. Determine the accelerations of both parts of the trip. Also, the total travel time and total distance travelled

(a) Have you ever visited an amusement park and taken a ride on a parachute drop...

(a) Have you ever visited an amusement park and taken a ride on a parachute drop ride? These types of rides take the passengers to a great height, and then drop them in free fall. Before they hit the ground, the ride is slowed using a Lenz’s law mechanism thus avoiding certain death. For this discussion, first locate a photo of one of these rides (either one you’ve personally experienced or one you might like to try someday), and in...

You start a lemonade stand. You estimate that you will sell 1,000 glasses of lemonade during...

You start a lemonade stand. You estimate that you will sell 1,000 glasses of lemonade during the upcoming year. Each glass of lemonade sells for $3. Each glass comes with the following costs: Lemons, cups & sugar $ .90 Labor .20 Sales commission .30 $1.40 You also have the following costs for the year: Blender depreciation $ 500 Equipment maintenance $ 500 Rent on lemonade stand $ 500 Accountant $ 500 There are no other costs incurred. Because you only...

During the semester, we have started every class with discussing a current event and analyzing it...

During the semester, we have started every class with discussing a current event and analyzing it from a legal point of view. Finally, we discussed the business implications of such legal assessment and the steps a business-person could take to protect against the risks caused by these events. For instance, during the Chapter on contracts, we discussed the implications of the Coronavirus. First, we discussed how the World Health Organization categorized it then as an epidemic. Then we discussed how...

You have recently won the super jackpot in the Washington State Lottery. On reading the fine...

You have recently won the super jackpot in the Washington State Lottery. On reading the fine print, you discover that you have the following two options: a. You will receive 30 annual payments of $210,000, with the first payment being delivered today. The income will be taxed at a rate of 30 percent. Taxes will be withheld when the checks are issued. b. You will receive $625,000 now, and you will not have to pay taxes on this amount. In...

1. Recall Ken Washington from the beginning of Chapter 35. Now that you have completed the...

1. Recall Ken Washington from the beginning of Chapter 35. Now that you have completed the chapter, answer the following questions regarding his case. 1. Is it significant that Ken had a urinary catheter in place for 6 days while he was in the hospital? 2. Dr. Buckwalter plans to send Ken home with a urinary catheter in place. What information can you give him to help him prevent infection? 3. You note on the chart that Dr. Buckwalter wants...

Question