The Following table lists the probabilities of unemployed females and males and their educational attainment.
Female Male
Less than High School .077 .110
High School Graduate .154 .201
Some College/University-no degree .141 .129
College/University Graduate .092 .096
a) If one unemployed person is selected at random, what is the probability that he or she did not finish high school? Carry answer to the nearest thousandths
b) If an unemployed female is selected at random, what is the probability that she has a college or university degree? Carry answer to the nearest ten-thousandths
c) If an unemployed high school graduate is selected at random, what is the probability that he is a male? Carry answer to the nearest ten-thousandths
In: Statistics and Probability
In December 2004, 44% of students in high school were satisfied with the lunches supplied through the school. In May 2010, an organization conducted a poll of 766 students in high school and asked if they were satisfied with the lunches supplied through the school. Of the 766 surveyed, 299 indicated they were satisfied. Does this suggest the proportion of students satisfied with the quality of lunches has decreased? (a) What does it mean to make a Type II error for this test? (b) If the researcher decides to test this hypothesis at the alpha=0.10 level of significance, compute the probability of making a Type II error, beta, if the true population proportion is 0.39. What is the power of the test? (c) Redo part (b) if the true population proportion is 0.43.
In: Statistics and Probability
In December 2004, 54% of students in high school were satisfied with the lunches supplied through the school. In May 2010, an organization conducted a poll of 1045 students in high school and asked if they were satisfied with the lunches supplied through the school. Of the 1045 surveyed, 502 indicated they were satisfied. Does this suggest the proportion of students satisfied with the quality of lunches has decreased?
(a) What does it mean to make a Type II error for this test?
(b) If the researcher decides to test this hypothesis at the alpha equals 0.10 level of significance, compute the probability of making a Type II error, beta, if the true population proportion is 0.48. What is the power of the test?
(c) Redo part (b) if the true population proportion is 0.52.
In: Statistics and Probability
A) A ski school faces two demand curves. The demand by Locals is QL = 200 – 0.5PL, and the demand by Visiting tourists is QV = 300 – 0.5PV. The marginal cost of serving either locals or visitors is constant at MC = $50. If the ski school CANNOT practice third-degree price discrimination and must charge a single price to all customers, it will charge $_____
B) A ski school faces two demand curves. The demand by Locals is QL = 200 – 0.5PL, and the demand by Visiting tourists is QV = 300 – 0.5PV. The marginal cost of serving either locals or visitors is constant at MC = $50. If the ski school practices third-degree price discrimination, it will charge Locals a price of PL = $ ______ and Visitors a price of PV = $ _______
In: Economics
Do teachers find their work rewarding and satisfying? An article in Psychological Reports reported the results of a survey of a random sample of 395 elementary teachers and 266 high school teachers. Of the elementary school teachers, 224 said that they were very satisfied with their jobs, whereas 166 of the high school teachers were very satisfied with their work.
a. Based on this data, is it reasonable to conclude that the proportion of very satisfied teachers is different for elementary teachers than it is for high school teachers? Please state conclusion properly with context.
b. Construct and interpret a 95% Confidence Interval in the context of the above scenario.
c. How do the results in Part a and b compare? Do the results contradict each other?
In: Statistics and Probability
Assignment 1:
It is known that achievement test scores of all high school seniors in a state (in the US) have mean 60 and variance 64. On a large high school, located in a low socio economic area, a small group of senior students set out to investigate the performance of their own school. They collected a random sample of ??=100 achievement test scores from fellow students. Analyzing the results, it was found that the sample mean achievement test score was 58.
A) Is there evidence to suggest that this high school is performing poorly? Look at the hint below and provide an explanation.
(Hint: find the probability that the sample mean achievement test score is at most 58, assuming that the true mean score is 60. In the computation, use ? = 8)
In: Math
Victoria Co. is a small textile manufacturer using machine-hours to calculate the single indirect-cost rate to allocate manufacturing overhead costs to various jobs contracted during the year. The following estimates are provided for the coming year for the company to manufacture 1,000 jackets and for the 100 jackets to be custom made for Victoria High School Science Olympiad.
Company Victoria High School Job
Direct materials $25,000 $2,700
Direct manufacturing labor $15,000 $1,500
Manufacturing overhead costs $40,000
Machine-hours (mh) 500 mh 60 mh
Required:
a. Determine the annual manufacturing overhead cost-allocation rate per machine hour for the Victoria Co.
b. Determine the amount of manufacturing overhead costs allocated to the Victoria High School job.
c. Determine the estimated total manufacturing costs for the Victoria High School job.
d. Determine the estimated manufacturing costs for a jacket to be used in Victoria High School Olympiad.
e. Determine the estimated manufacturing costs for Victoria Co. to make a jacket. Explain why the average cost of a jacket to manufacture by Victoria Co. is different from the custom made jacket for Victoria High School Olympiad.
In: Accounting
An investor observes that there is no car polish service available in the town that he has recently moved to and decides to open a shop offering this service. The estimated market demand for the car polish service is given by P = 300 – 5Q. The total cost of the car polish service is TC = 5Q2 +100 and the marginal cost is MC = 10Q.
If the investor engages in perfect price discrimination, how many car polish services will he offer? What would be the deadweight loss?
What will be will be the profit maximizing price and quantity if the investor is not allowed to price discriminate, and is forced to charge a uniform price to all the customers? What will be the profit, deadweight loss and consumer surplus?
In: Economics
The town of Hana on the island of Maui maintains a large tank with an open top, containing water for emergencies. The water can drain from the tank through a hose of diameter 8.70 cm. The hose ends with a nozzle of diameter 2.90 cm. A rubber stopper is inserted into the nozzle. The water level in the tank is kept 8.50 m above the nozzle. (a) Calculate the friction force exerted on the stopper by the nozzle. (b) The stopper is removed. What mass of water flows from the nozzle in 1.50 h? (c) Calculate the gauge pressure of the flowing water in the hose just behind the nozzle.
In: Physics
An investor discovered that there is no oil change service available in the small town that he has recently moved to and decides to open a shop offering this service. The estimated market demand for the oil change service is given by P=400-10Q. The total cost of the oil change service is TC=150Q²+200 and the marginal cost is MC=30Q
a) If the investor engages in perfect price discrimination, how many oil change services will he offer? What would be his producer surplus?
b) What will be will be the profit maximizing price and quantity if the investor is not allowed to price discriminate, and is forced to charge a uniform price to all the customers? What will be the profits, consumer surplus and deadweight loss?
c) Calculate the price point - elasticity of demand when the price is 100. Is the demand elastic, inelastic or unitary elastic? Explain.
In: Economics