Strassel Investors buys real estate, develops it, and resells it for a profit. A new property is available, and Bud Strassel, the president and owner of Strassel Investors, believes if he purchases and develops this property it can then be sold for $160,000. The current property owner has asked for bids and stated that the property will be sold for the highest bid in excess of $100,000. Two competitors will be submitting bids for the property. Strassel does not know what the competitors will bid, but he assumes for planning purposes that the amount bid by each competitor will be uniformly distributed between $100,000 and $150,000.

1. Develop a worksheet that can be used to simulate the bids made by the two competitors. Strassel is considering a bid of $130,000 for the property. Using a simulation of 1000 trials, what is the estimate of the probability Strassel will be able to obtain the property using a bid of $130,000? Round your answer to 1 decimal place. Enter your answer as a percent.
   
   %
   
2. How much does Strassel need to bid to be assured of obtaining the property?
   
   $  
   
   What is the profit associated with this bid?
   
   $  
   
3. Use the simulation model to compute the profit for each trial of the simulation run. With maximization of profit as Strassel’s objective, use simulation to evaluate Strassel’s bid alternatives of $130,000, $140,000, or $150,000. What is the recommended bid, and what is the expected profit?
   
   A bid of
   • $130,000
   • $140,000
   • $150,000
   results in the largest mean profit of $  .

Please sole using excel

The wedding date for a couple is quickly approaching, and the wedding planner must provide the caterer an estimate of how many people will attend the reception so that the appropriate quantity of food is prepared for the buffet. The following table contains information on the number of RSVP guests for the 145 invitations. Unfortunately, the number of guests does not always correspond to the number of RSVPed guests.

Based on her experience, the wedding planner knows it is extremely rare for guests to attend a wedding if they notified that they will not be attending. Therefore, the wedding planner will assume that no one from these 50 invitations will attend. The wedding planner estimates that the each of the 25 guests planning to come solo has a 75% chance of attending alone, a 20% chance of not attending, and a 5% chance of bringing a companion. For each of the 60 RSVPs who plan to bring a companion, there is a 90% chance that she or he will attend with a companion, a 5% chance of attending solo, and a 5% chance of not attending at all. For the 10 people who have not responded, the wedding planner assumes that there is an 80% chance that each will not attend, a 15% chance each will attend alone, and a 5% chance each will attend with a companion.

1. Assist the wedding planner by constructing a spreadsheet simulation model to determine the expected number of guests who will attend the reception. Round your answer to 2 decimal places.
   
   guests
   
2. To be accommodating hosts, the couple has instructed the wedding planner to use the Monte Carlo simulation model to determine X, the minimum number of guests for which the caterer should prepare the meal, so that there is at least a 90% chance that the actual attendance is less than or equal to X. What is the best estimate for the value of X? Round your answer to the neares whole number.
   
   guests

Please solve with excel

In order to estimate the average electricity usage per month, a sample of 125 residential customers were selected, and the monthly electricity usage was determined using the customers' meter readings. Assume a population variance of 12,100kWh2. Use Excel to find the 98% confidence interval for the mean electricity usage in kilowatt hours. Round your answers to two decimal places and use ascending order.

Electric Usage
765
1139
714
687
1027
1109
749
799
911
631
975
717
1232
806
637
894
856
896
1272
1224
621
606
898
723
817
746
933
595
851
1027
770
685
750
1198
975
678
1050
886
826
1176
583
841
1188
692
733
791
584
1163
593
1234
603
1044
1233
1178
598
904
778
693
590
845
893
1028
975
788
1240
1253
854
1185
1164
741
1058
1053
795
1198
1240
1140
959
938
1008
1035
1085
1100
680
1006
977
1042
1252
943
1165
1014
912
791
612
935
864
953
667
1005
1063
1095
1086
810
1032
970
1099
1229
892
1074
579
754
1007
1116
583
763
1231
966
962
1132
738
1033
697
891
840
725
1031

PART 1

Two methods are compared to inoculate or infect a corn fungus strain known as huitlacoche. In a first stage of the study, the experimenter wants to determine which of the methods generates the highest percentage of infection. The method A consists in cutting the tip of the ear to apply the strain, and in the method B the strain is injected transversely. Of 41 ears inoculated with the method A, 20 were infected, that is, they generated huitlacoche; Meanwhile, 38 ears of corn inoculated with the method B they became infected 27.

Part 2

With respect to the problem described in part 1, the best method of inoculation was applied to two varieties of maize in two locations. Once the ear is infected, it is important to measure the final percentage of the surface of the ear that was covered by the fungus, as well as the weight in grams of the huitlacoche. The results for variety 2 of maize, obtained in 15 ears of Texcoco and in 15 ears of Celaya are the same as in the table in part 1.

a) Can we say that the percentage of coverage of the fungus is higher in Celaya than in Texcoco? Test the appropriate hypothesis for the means

b) Use a scatter diagram (graph type X-Y) to verify if there is a linear relationship between the percentage of coverage of the ear with grams of huitlacoche.

c) Ignore the coverage and test the equality of the average production of huitlacoche in the two locations.

d) It is evident that the greater the coverage, the greater the production of huitlacoche, would there be a way of knowing with these data whether a similar production of huitlacoche in both locations corresponds to the same coverage? Argue your answer.

Note: The exercises must be solved in two ways. The first is without using the excel data analysis and the second using the excel data analysis. Remember that you have to show step by step explaining clearly.

The Iowa Energy are scheduled to play against the Maine Red Claws in an upcoming game in the National Basketball Association Developmental League (NBA-DL). Because a player in the NBA-DL is still developing their skills, the number of points he scores in a game can vary. Assume that each player's point production can be represented as an integer uniform variable with the ranges provided in the table below.

1. Develop a spreadsheet model that simulates the points scored by each team. What is the average and standard deviation of points scored by the Iowa Energy? If required, round your answer to one decimal place.
   
   Average =
   
   Standard Deviation =
   
   What is the shape of the distribution of points scored by the Iowa Energy?
   
   
   • Right Skewed
   • Triangle Shaped
   • Bell Shaped
   • Left Skewed
   
   
2. What is the average and standard deviation of points scored by the Maine Red Claws? If required, round your answer to one decimal place.
   
   Average =
   
   Standard Deviation =
   
   What is the shape of the distribution of points scored by the Maine Red Claws?
   
   
   • Right Skewed
   • Triangle Shaped
   • Bell Shaped
   • Left Skewed
   
   
3. Let Point Differential = Iowa Energy points - Maine Red Claw points. What is the average point differential between the Iowa Energy and Maine Red Claws? If required, round your answer to one decimal place.
   

Please answer using excel

Testing: H 0 : μ = 67.9 H 1 : μ > 67.9 Your sample consists of 24 subjects with ¯ x = 83.7 giving the resulting test statistic of 1.625 . Assume that σ is unknown when conducting the hypothesis and your testing at the 0.01 significance level. Find the p-value based upon the test statistic given. P-value = Round the p-value to four decimals.

Office Equipment, Inc. (OEI) leases automatic mailing machines to business customers in Fort Wayne, Indiana. The company built its success on a reputation of providing timely maintenance and repair service. Each OEI service contract states that a service technician will arrive at a customer’s business site within an average of 3 hours from the time that the customer notifies OEI of an equipment problem.

Currently, OEI has 10 customers with service contracts. One service technician is responsible for handling all service calls. A statistical analysis of historical service records indicates that a customer requests a service call at an average rate of one call per 50 hours of operation. If the service technician is available when a customer calls for service, it takes the technician an average of 1 hour of travel time to reach the customer’s office and an average of 1.5 hours to complete the repair service. However, if the service technician is busy with another customer when a new customer calls for service, the technician completes the current service call and any other waiting service calls before responding to the new service call. In such cases, after the technician is free from all existing service commitments, the technician takes an average of 1 hour of travel time to reach the new customer’s office and an average of 1.5 hours to complete the repair service. The cost of the service technician is $80 per hour. The downtime cost (wait time and service time) for customers is $100 per hour.

OEI is planning to expand its business. Within 1 year, OEI projects that it will have 20 customers, and within 2 years, OEI projects that it will have 30 customers. Although OEI is satisfied that one service technician can handle the 10 existing customers, management is concerned about the ability of one technician to meet the average 3-hour service call guarantee when the OEI customer base expands. In a recent planning meeting, the marketing manager made a proposal to add a second service technician when OEI reaches 20 customers and to add a third service technician when OEI reaches 30 customers. Before making a final decision, management would like an analysis of OEI service capabilities. OEI is particularly interested in meeting the average 3-hour waiting time guarantee at the lowest possible total cost.

1. What is your recommendation for the number of service technicians to hire when OEI expands to 20 customers? Use the information that you developed in Question 4 (above) to justify your answer.

Office Equipment, Inc. (OEI) leases automatic mailing machines to business customers in Fort Wayne, Indiana. The company built its success on a reputation of providing timely maintenance and repair service. Each OEI service contract states that a service technician will arrive at a customer’s business site within an average of 3 hours from the time that the customer notifies OEI of an equipment problem.

Currently, OEI has 10 customers with service contracts. One service technician is responsible for handling all service calls. A statistical analysis of historical service records indicates that a customer requests a service call at an average rate of one call per 50 hours of operation. If the service technician is available when a customer calls for service, it takes the technician an average of 1 hour of travel time to reach the customer’s office and an average of 1.5 hours to complete the repair service. However, if the service technician is busy with another customer when a new customer calls for service, the technician completes the current service call and any other waiting service calls before responding to the new service call. In such cases, after the technician is free from all existing service commitments, the technician takes an average of 1 hour of travel time to reach the new customer’s office and an average of 1.5 hours to complete the repair service. The cost of the service technician is $80 per hour. The downtime cost (wait time and service time) for customers is $100 per hour.

OEI is planning to expand its business. Within 1 year, OEI projects that it will have 20 customers, and within 2 years, OEI projects that it will have 30 customers. Although OEI is satisfied that one service technician can handle the 10 existing customers, management is concerned about the ability of one technician to meet the average 3-hour service call guarantee when the OEI customer base expands. In a recent planning meeting, the marketing manager made a proposal to add a second service technician when OEI reaches 20 customers and to add a third service technician when OEI reaches 30 customers. Before making a final decision, management would like an analysis of OEI service capabilities. OEI is particularly interested in meeting the average 3-hour waiting time guarantee at the lowest possible total cost.

1. What is your recommendation for the number of service technicians to hire when OEI expands to 30 customers? Use the information that you developed in Question 4 (above) to justify your answer.

Problem 15-9 (Algorithmic)

Marty's Barber Shop has one barber. Customers have an arrival rate of 2.1 customers per hour, and haircuts are given with a service rate of 4 per hour. Use the Poisson arrivals and exponential service times model to answer the following questions:

1. What is the probability that no units are in the system? If required, round your answer to four decimal places.
   
   P₀ = ?????
   
2. What is the probability that one customer is receiving a haircut and no one is waiting? If required, round your answer to four decimal places.
   
   P₁ = ??????
   
3. What is the probability that one customer is receiving a haircut and one customer is waiting? If required, round your answer to four decimal places.
   
   P₂ = ??????
   
4. What is the probability that one customer is receiving a haircut and two customers are waiting? If required, round your answer to four decimal places.
   
   P₃ = ??????
   
5. What is the probability that more than two customers are waiting? If required, round your answer to four decimal places.
   
   P(More than 2 waiting) = ??????
   
6. What is the average time a customer waits for service? If required, round your answer to four decimal places.
   
   W_q = ?????? hours

Explain an instance, or an aspect of data, that could lead a researcher (or a viewer of a report) to misinterpret results as a result of a study. Essentially, explain some errors in methodology that can be encountered in a study. Provide an example and be as specific as possible.

Physician burnout is a serious problem and you have the impression that morale among the physicians at your facility is at a low point. You administer a survey to get some quantitative data, as well as some suggestions for improvement. One of the most common suggestions is that hiring physician extenders (PAs, scribes, or other extenders) would improve things. Your supervisor gives you permission to hire some physician extenders, but wants to know if the investment achieves significant results. You decide to administer a second survey six months following the hiring of physician extenders and will do a t-test to see if there’s a significant change in the survey results compared to the results from the survey prior to the hiring.

Here is the data, from the two surveys:

This is an example of using a paired samples (repeated samples) t-test. In Excel, the “type” parameter for the paired samples t-test is ‘1’. Since we don’t know if the new hiring will improve or worsen the survey results (you never know … the new hires could make things more difficult), this will be a two-tailed t-test. The “tails” parameter in Excel is ‘2’.

Note: The result that Excel displays when you run the t-test is the p-value. You don’t have to do anything else. It may just be a single value that Excel displays, or it may appear in a table of values and labeled ‘P (T<=t) two tail’. If Excel displays a table of values it also will include the t-statistic and the t-critical value. You don’t have to go to a table of critical values to find it.

1. Using Excel, determine whether there has been a significant change in the survey results. Copy and paste your Excel data and result. (Just copy and paste the portion of the Excel page that has your work on it; do not copy and paste the entire Excel page … they’re huge!) (10)
2. What is your conclusion about the effect of hiring physician extenders? (5)

The Wall Street Journal reported that of taxpayers with adjusted gross incomes between and itemized deductions on their federal income tax return. The mean amount of deductions for this population of taxpayers was . Assume that the standard deviation is . Use z-table. a. What is the probability that a sample of taxpayers from this income group who have itemized deductions will show a sample mean within of the population mean for each of the following sample sizes: , , , and ? Round your answers to four decimals. b. What is the advantage of a larger sample size when attempting to estimate the population mean? Round your answers to four decimals. A larger sample the probability that the sample mean will be within a specified distance of the population mean. In the automobile insurance example, the probability of being within of ranges from for a sample of size to for a sample of size .

How much does a sleeping bag cost? Let's say you want a sleeping bag that should keep you warm in temperatures from 20°F to 45°F. A random sample of prices ($) for sleeping bags in this temperature range is given below. Assume that the population of x values has an approximately normal distribution.

80 65 95 90 105 100 30 23 100 110 105 95 105 60 110 120 95 90 60 70

(a) Use a calculator with mean and sample standard deviation keys to find the sample mean price x and sample standard deviation s. (Round your answers to two decimal places.)

x = $

s = $

(b) Using the given data as representative of the population of prices of all summer sleeping bags, find a 90% confidence interval for the mean price μ of all summer sleeping bags. (Round your answers to two decimal places.)

lower limit $

upper limit $