Question

In: Economics

Question 6 (a) A hospital cafeteria proposes to serve 4 main entrees. For planning purposes, the...

Question 6 (a) A hospital cafeteria proposes to serve 4 main entrees. For planning purposes, the manager expects that the proportions of each that will be selected by his customers will be: Selection Proportion Chicken 0.4 Roast beef 0.2 Steak 0.1 Fish 0.3 Of the first 100 customers, 44 selected chicken, 25 selected roast beef, 13 select steak, and 18 selected fish. Should the manager revise his estimates? Use α= 0.01.

(b) Five brands of orange juice are displayed side by side in several supermarkets in Hobart. It was noted that in one day, 180 customers purchased orange juice. Of these, 30 picked Brand A, 40 picked Brand B, 25 picked Brand C, 35 picked Brand D, and 50 picked Brand E. In this city, can you conclude at the 5% significance level that there is a preferred brand of orange juice? (9 marks

Solutions

Expert Solution

Answer (A)-

The null and alternative hypotheses are,

H0: The manager shouldn't revise his estimates,

i.e. p1​ = 0.4, p2​ = 0.2, p3​ = 0.1, p4​ = 0.3

Ha: The manager should revise his estimates, i.e. at least one of

the proportions differs significantly from that expected.

The level of significance, α = 0.01

The test statistic, χ2 = 7.350

The degrees of freedom = 3

The p-value = 0.0615

Since the p-value = 0.0615 > 0.01, do not reject the null hypothesis.

The results indicate no enough evidence to support the claim that

the manager revise his estimates

Answer (B)-


Related Solutions

1.A hospital is planning to introduce a new point-of-sale system in the cafeteria that will handle...
1.A hospital is planning to introduce a new point-of-sale system in the cafeteria that will handle credit card transactions. Which one of the following governs the privacy of information handled by those point-of-sale terminals? a Health Insurance Portability and Accountability Act (HIPAA) b. Payment Card Industry Data Security Standard (PCI DSS) c.Federal Information Security Management Act (FISMA) d Federal Financial Institutions Examination Council (FFIEC) 2. What level of technology infrastructure should you expect to find in a cold site alternative...
Briefly explain the 4 main purposes for nation's balance of payments
Briefly explain the 4 main purposes for nation's balance of payments
4. What were the main purposes of the Sherman, Clayton and Federal Trade Commission Acts and...
4. What were the main purposes of the Sherman, Clayton and Federal Trade Commission Acts and how did they affect labor-management relations?
There are 5 faculty, 4 students, and 3 office staff eligible to serve on a 6-person...
There are 5 faculty, 4 students, and 3 office staff eligible to serve on a 6-person committee. How many committees are possible containing at most 1 faculty member? A. 112 B. 105 C. 277,200 D. 12,600 E. 12 F. 2310
Question 3: Workforce Planning Briefly describe the main principles of effective workforce planning and give some...
Question 3: Workforce Planning Briefly describe the main principles of effective workforce planning and give some examples of any tools that may be used for this. Assessment criterion: 2.1 Describe the principles of effective workforce planning and the tools used in the process Guidance (2.1) You must include one example of the main principles of workforce planning. Some examples of principles that could be provided include: Setting strategy Key stakeholder involvement Determining key skills Competencies required Gap analysis Building human...
Question 4 Suppose a study reports that the average price for a gallon of self-serve regular...
Question 4 Suppose a study reports that the average price for a gallon of self-serve regular unleaded gasoline is $3.16. You believe that the figure is higher in your area of the country. You decide to test this claim for your area of the United States by randomly calling gasoline stations. Your random survey of 25 stations produces the following prices (all in dollars). Assume gasoline prices for a region are normally distributed. Did the data you obtained provide enough...
Question 4 (25 marks):In the planning of the monthly production for the next four months, in...
Question 4 :In the planning of the monthly production for the next four months, in each month a company must operate either a normal shift or an extended shift (but not both) if it produces. It may choose not to produce in a month. A normal shift costs $100,000 per month and can produce up to 5,000 units per month. An extended shift costs $140,000 per month and can produce up to 7,500 units per month. The cost of holding...
Question 5.2 As part of the planning for Ciderman (introduced in topic 4), the following information...
Question 5.2 As part of the planning for Ciderman (introduced in topic 4), the following information has been estimated: Units produced and sold 2500 units Estimated revenue $3,500,000 Estimated mark-up on full cost 15% Desired rate of return on investment 17% Estimated variable cost per unit $550 1. Calculate the following items: a. Full cost of production per unit b. Selling price per unit c. Percentage mark-up on variable cost d. Total fixed costs 2. The Karmichaels' have consulted with...
Question 4 . Using an example of private higher institution ,discuss the steps in the planning...
Question 4 . Using an example of private higher institution ,discuss the steps in the planning process.
Question 4 i. Evaluate the view that the main goal of firms will always be profit...
Question 4 i. Evaluate the view that the main goal of firms will always be profit maximization. [3 marks] ii. You are interested in starting a coffee shop at the University of the West Indies. Provide examples with explanations of explicit costs, implicit cost and sunk costs related to this business. [6 marks] iii. Explain with the use of examples the difference between the following concepts: producer surplus and economic profit [4 marks]
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT