Question
In: Statistics and Probability
The manager of a grocery store has taken a random sample of 100 customers. The average...
The manager of a grocery store has taken a random sample of 100 customers. The average length of time it took the customers in the sample to check out was 4.8 minutes with a sample standard deviation of 0.5 minutes. Conduct a test to determine whether or not the mean waiting time of all customers is significantly more than 5 minutes. Use a significance level of α = 0.01.
Solutions
denotes the mean
waiting time of all customers.
orchestra answered 1 year agoRelated Solutions
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(Operations Management) The grocery
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A random sample of 29 lunch customers was taken at a restaurant The average amount of...
A random sample of 29 lunch customers was taken at a restaurant
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A random sample of 49 lunch customers was taken at a restaurant. The average amount of...
A random sample of 49 lunch customers was taken at a restaurant.
The average amount of time these customers stayed in the restaurant
was 45 minutes with a standard deviation of 14 minutes.
a. Compute the standard error of the mean.
b. Construct a 95% confidence interval for the true average
amount of time customers spent in the restaurant.
c. With a .95 probability, how large of a sample would have to
be taken to provide a margin of error...
A random sample of 49 lunch customers was taken at a restaurant. The average amount of...
A random sample of 49 lunch customers was taken at a
restaurant. The average amount of time these customers stayed in
the restaurant was 45 minutes with a sample standard deviation of
14 minutes.
Compute the standard error of the mean.
At 95% confidence, what is the confidence interval
estimate?
Construct a 99% confidence interval for the true average amount
of time customers spent in the restaurant.
Compare the margin of errors and width of your confidence
intervals from parts...
A random sample of 100 daily stock returns was taken. The average return in the sample...
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standard deviation is not known, but the sample standard deviation
is known to be 0.9%. (show your work) a. Calculate a 95% confidence
interval for the average stock return b. How big the sample size be
for the margin of error of 0.1% at the confidence level 95%? c. A
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A random sample of 100 daily stock returns was taken. The average return in the sample...
A random sample of 100 daily stock returns was taken. The
average return in the sample appeared to be 4.81%. The population
standard deviation is not known, but the sample standard deviation
is known to be 0.9%.
a. Calculate a 95% confidence interval for the
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b. How big the sample size be for the margin of error of 0.1% at
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c. A fund manager claims that the average stock return is higher
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A random sample of 200 customers who visited a local grocery spent an average of $97....
A random sample of 200 customers who visited a local grocery
spent an average of $97. You find a reputable source stating that
the current population standard deviation of all such grocery bills
in similar grocery stores is equal to $19. Using this information,
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$95.28 to $98.72
$94.79 to $99.21
$94.37 to $99.63
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A random sample of 200 customers who visited a local grocery spent an average of $97....
A random sample of 200 customers who visited a local grocery
spent an average of $97. You find a reputable source stating that
the current population standard deviation of all such grocery bills
in similar grocery stores is equal to $19. Using this information,
find the 90% confidence interval for the population mean:
$95.28 to $98.72
$94.79 to $99.21
$94.37 to $99.63
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simple random sample of 80 customers is taken from a customer information file and the average...
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than 30 using the critical value approach and a 0.05 level of
significance.
Test the hypothesis that the population mean age is less than...
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