Question

CCN and ActMedia provided a television channel targeted to individuals waiting in supermarket checkout lines. The channel showed news, short features, and advertisements. The length of the program was based on the assumption that the population mean time a shopper stands in a supermarket checkout line is 7.6 minutes. A sample of actual waiting times will be used to test this assumption and determine whether actual mean waiting time differs from this standard.

A. A sample of 140 shoppers showed a sample mean 8.5 waiting time of minutes. Assume a population standard deviation of 3.6 minutes. What is the z-value and the p-value?

B. Compute a 95% confidence interval for the population mean. Does it support your conclusion?

Wall Street securities firms paid out record year-end bonuses of $125,500 per employee for 2005 (Fortune, February 6, 2006). Suppose we would like to take a sample of employees at the Jones & Ryan securities firm to see whether the mean year-end bonus is different from the reported mean of $125,500 for the population.

A. Suppose a sample of 40 Jones & Ryan employees showed a sample mean year-end bonus of $118,000. Assume a population standard deviation of $25,000 and compute the p-value (to 4 decimals).

B. Using a= .05, what is the test statistic?

Answer 1

Dear your satisfaction is more important, I provided answers with detailed explanation. If you are satisfied with my explanations please THUMBS UP.. Thanks inadvance for your support dear....