Question

In: Statistics and Probability

The BIG BURGER manager now has the following problem. Nationally 60% of the clientele surveyed respond...

The BIG BURGER manager now has the following problem. Nationally 60% of the clientele surveyed respond that BIG BURGER has really good food. The BIG BURGER manager wishes to establish that he is exceeding the national average here in Cleveland (He is up for promotion to Regional Head Burger Person). He randomly samples 300 customers. 195 respond that BIG BURGER has really good food. Can he conclude that the population proportion who think that BIG BURGER has really good food is exceeding the national average in Cleveland? Let alpha = .05

Expert Solution

Solution: Here we have the given information are

n=300. =0.05

X= number of customers that BIG BURGER has really good food.

p= Proportion of customers that BIG BURGER has really good food.= x/n =195/300=0.65

Null hypothesis: H0: P=0.60, i.e. the proportion of 60% of the clientele surveyed respond that BIG BURGER has really good

food.

Alternative hypothesis : H1: P>0.60 ( Right -tail alternative)

Test Statistic, Under H0, the test statistic is:

Now

Z=1.768

Conclusion: Since the alternative hypothesis is one-sided (right-tailed), we shall apply right-tailed test for testing significance

of Z. The significant value of Z at 5% level of significance for right-tail test is 1.645. Since computed value of Z=1.768 is

greater than 1.645, it is significant and we may reject the null hypothesis at 5% level of significance () and accept

alternative hypothesis.

That means manager claim BIG BURGER has really good food is exceeding the national average in Cleveland.

orchestra answered 2 years ago

Credit card debt is becoming a big problem for people in the United States. You surveyed...

Credit card debt is becoming a big problem for people in the United States. You surveyed 25 people and found that their average amount of credit card debt was $12,455. From previous studies, the population standard deviation is $3,500. Find the 92% confidence interval for the true mean credit card debt of the population.

Raising the minimum wage has been a hot topic locally and now nationally in congress. SeaTac...

Raising the minimum wage has been a hot topic locally and now nationally in congress. SeaTac raised it a couple of years ago. What are the arguments pro and con for raising the minimum wage? What effect do you think it will have on the economy in Seattle?

Big Grouper Fishing Company has expanded and now also catches and sells big snappers. Big groupers...

Big Grouper Fishing Company has expanded and now also catches and sells big snappers. Big groupers still sell for $25 with variable costs per unit of $9. Big snappers sell for $18 with variable costs per unit of $10. Fixed costs are $4,200 for the Company. 75% of the fish sold are big groupers and 25% are big snappers. a. What is the weighted average contribution margin per unit? b. Using the weighted average contribution margin per unit, how many...

Respond to this: Starbucks has a big brand presence online. They are one of the most...

Respond to this: Starbucks has a big brand presence online. They are one of the most engaging companies throughout different social media platforms. If you are a fan of Starbucks coffee and a little bit internet savvy, then chances are you have come across at least one of Starbucks's social media platforms. It's online images and messages has stayed consistent with their brand values, which are honesty, sincerity, and connecting with their customers on a level unlike any other brand....

Please respond to the following in a minimum of 175 words: Winning one of the big...

Please respond to the following in a minimum of 175 words: Winning one of the big national lotteries provides a choice of how to receive the money. You can receive a much-reduced lump sum (like half or so) today, or the full amount in twenty annual payments starting today. Discuss how you can determine which financial deal is better. Also, what are the non-financial aspects of winning the lottery and how do they influence which option to take?

You are a Finance Manager for a major utility company. Respond to the following in a...

You are a Finance Manager for a major utility company. Respond to the following in a minimum of 175 words: Think about some of the capital budgeting techniques you might use for some upcoming projects. Discuss at least 2 capital budgeting techniques and how your company can benefit from the use of these tools. Compare your approaches to other students’ responses. How were they similar or different? Why might you use the different approaches shared by your classmates?

Read the following scenario and respond to it as a risk manager. Mr. And Mrs. Watros...

Read the following scenario and respond to it as a risk manager. Mr. And Mrs. Watros came to the Memorial Hospital for the delivery of their first child. While Mrs. Watros was in labor, the couple had to wait for nearly two hours to get a room. During that time, no hospital nurse attended to her. As the waiting room was full of patients, an exhausted Mrs. Watros sat on the floor. Mr. Watros reported this to a nurse. The...

You are the marketing manager for a company that creates video games. A big competitor has...

You are the marketing manager for a company that creates video games. A big competitor has just released an action game that appeals to kids who own your best-selling game. Your competitor’s release is a better game because it takes advantage of features available in a hot new video game box. Your firm’s updated release won’t be available for at least 4 months. One of your game developers suggests that you pre-announce your game will be ready in 2 months...

Please respond to the following: Review the valuation principle and how it helps a financial manager...

Please respond to the following: Review the valuation principle and how it helps a financial manager make decisions. In the early 1980s, inflation was in the double digits and the yield curve sloped sharply downward. What did this yield curve suggest about the financial manager’s / investor’s expectations about future rates? Explain how a downward sloping yield curve affects the prices of existing long-term bonds and stocks trading in the secondary market, assuming this change in the yield curve is...

Please respond to the following questions in your reflective journal: As a manager proposing a project...

Please respond to the following questions in your reflective journal: As a manager proposing a project (e.g. new product, expansion of existing business activity, exit from a current location), how would you address decision makers who do not understand time value of money? What concepts/requirements have proven to be most difficult? What do you need to do to overcome the challenge? What assistance do you need from the instructor to succeed?