Question

In: Statistics and Probability

A sample of 125 workers in the Overkill Division of the Machismo Toy Factory earns an...

A sample of 125 workers in the Overkill Division of the Machismo Toy Factory earns an average of $24,375 per year. The average salary for all workers is $24,230 with a standard deviation of $523. Are workers in the Overkill Division overpaid? Conduct a one-tailed test using 95% confidence level.

Solutions

Expert Solution

orchestra answered 2 years ago
Next > < Previous

Related Solutions

1. ABC toy factory has 10,000 workers. The salaries of the workers are based on the...
1. ABC toy factory has 10,000 workers. The salaries of the workers are based on the amount of toys they can make in each month. A random sample of 100 workers and the number of toys they have made in a week is selected and the results are tabulated below. Toys Pieces Number of workers 101 − 150 6 151 − 200 13 201 − 250 15 251 − 300 24 301 − 350 25 351 − 400 9 401...
1. ABC toy factory has 10,000 workers. The salaries of the workers are based on the...
1. ABC toy factory has 10,000 workers. The salaries of the workers are based on the amount of toys they can make in each month. A random sample of 100 workers and the number of toys they have made in a week is selected and the results are tabulated below. Toys Pieces 101 − 150 151 − 200 201 − 250 251 − 300 301 − 350 351 − 400 401 − 450 Number of workers 6 13 15 24...
Toy Story Factory hires six workers to produce toys in the three divisions: “Toddle Toy”, “Girl...
Toy Story Factory hires six workers to produce toys in the three divisions: “Toddle Toy”, “Girl Toy” and “Boy Toy”. The major decision is the allocation of the workers among the three divisions, so as to maximize the amount of toy produced. The following table shows the amount (unit) of toys that will be produced in a division as a function of the number of workers deployed in the corresponding division. For instance, when 2 workers are sent to the...
In a sample of 80 workers from a factory in city A, it was found that...
In a sample of 80 workers from a factory in city A, it was found that 10% were unable to read, while in a sample of 50 workers in city B, 14% were unable to read. Can it be concluded that there is a difference in the proportions of nonreaders in the two cities? Use α = 0.10. Also find the 90% confidence interval for the differences of the two proportions.
A random sample of 20 workers in a factory were asked to report the age of...
A random sample of 20 workers in a factory were asked to report the age of their car and how many miles the vehicle had on it. A computer printout resulted in the following information. Variable Coef SE Coef t-ratio Prob Constant 7288.54 6591 1.11 <0.2826 Age 11630.6 1249 9.31 <0.0001 R sq = 82% R sq adj = 81.1% s = 19280 Find the LSRL A new worker starts next week and we know that his car is 7...
The monthly incomes from a random sample of workers in a factory are shown below: 18,14,12,14,12...
The monthly incomes from a random sample of workers in a factory are shown below: 18,14,12,14,12 a. Compute the margin of error (in dollars) at 98% confidence b. Compute a 98% confidence interval for the mean of the population. Assume the population has a normal distribution. Give your answer in dollars.
Matthew owns a piece of land with a toy factory on it in a small town...
Matthew owns a piece of land with a toy factory on it in a small town near Melbourne city. The factory is a family business that started a century ago and is currently used to produce handmade wooden toys. However, for market participants, they would redevelop the land to build a retail shopping centre. Matthew recently received an attractive offer from property redevelopers, but he rejected the offer because he has no intention to stop the family business. Which of...
A local factory making greeting cards employs only workers and machines. Let x1 represent workers and...
A local factory making greeting cards employs only workers and machines. Let x1 represent workers and x2 represent machines. The firm’s production function is: f(x1, x2)=10*min(x1, 1/2x2) a) Draw an isoquant representing a quantity of 100 units and an isoquant representing a quantity of 200 units. Label two points on each isoquant. b) Suppose the firm wants to produce 300 cards. The price of an hour of labor is $20 and the price of a machine hour is $30 per...
A sample of 125 is drawn from a population with a proportion equal to 0.44 a....
A sample of 125 is drawn from a population with a proportion equal to 0.44 a. Determine the probability of observing between 50 and 54 successes. b. Determine the probability of observing between 55 and 62 successes. c. Determine the probability of observing between 53 and 70 successes.
A sample of 125 is drawn from a population with a proportion equal to 0.45. a....
A sample of 125 is drawn from a population with a proportion equal to 0.45. a. Determine the probability of observing between 50 and 54 successes. b. Determine the probability of observing between 55 and 62 successes. c. Determine the probability of observing between 53 and 70 successes.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT