|
The U.S. Dairy Industry wants to estimate the mean yearly milk consumption. A sample of 21 people reveals the mean yearly consumption to be 74 gallons with a standard deviation of 16 gallons. Assume that the population distribution is normal. (Use t Distribution Table.) |
| a-1. | What is the value of the population mean? | ||||||
|
| a-2. | What is the best estimate of this value? |
| Estimate population mean |
| c. |
For a 90% confidence interval, what is the value of t? (Round your answer to 3 decimal places.) |
| Value of t |
| d. |
Develop the 90% confidence interval for the population mean. (Round your answers to 3 decimal places.) |
| Confidence interval for the population mean is and . |
| e. | Would it be reasonable to conclude that the population mean is 68 gallons? | ||||||
|
In: Statistics and Probability
| Number of Customers | Waiting Time (Minutes) |
| 5 | 47 |
| 2 | 27 |
| 4 | 36 |
| 4 | 44 |
| 6 | 52 |
| 3 | 21 |
| 7 | 82 |
| 3 | 43 |
| 8 | 69 |
| 4 | 28 |
Many small restaurants in Portland, Oregon, and other cities across the United States do not take reservations. Owners say that with smaller capacity, no-shows are costly, and they would rather have their staff focused on customer service rather than maintaining a reservation system.† However, it is important to be able to give reasonable estimates of waiting time when customers arrive and put their name on the waiting list. The file RestaurantLine contains 10 observations of number of people in line ahead of a customer (independent variable x) and actual waiting time (in minutes) (dependent variable y). The estimated regression equation is:
ŷ = 4.35 + 8.81x
and MSE = 94.42.
(a)
Develop a point estimate (in min) for a customer who arrives with four people on the wait-list. (Round your answer to two decimal places.)
ŷ* = min
(b)
Develop a 95% confidence interval for the mean waiting time (in min) for a customer who arrives with four customers already in line. (Round your answers to two decimal places.)
min to min
(c)
Develop a 95% prediction interval for Roger and Sherry Davy's waiting time (in min) if there are four customers in line when they arrive. (Round your answers to two decimal places.)
min to min
(d)
Discuss the difference between part (b) and part (c).
The prediction interval is much ---Select--- wider narrower than the confidence interval. This is because it is ---Select--- more less difficult to predict the waiting time for an individual customer arriving with four people in line than it is to estimate the mean waiting time for a customer arriving with four people in line.
In: Statistics and Probability
The majority of company valuations today are based on multiples of revenues or EBITDA.Using the following data please state the company valuation for each of the scenarios below.[SaaS Revenue 4x multiple: Tech Enabled Service Revenue 1.5x multiple: Maintenance Revenue 2x multiple: Traditional Service Revenue 1x multiple: Positive EBITDA 15x multiple.]
In: Accounting
Julian, age 27 has 2 children, ages 4 and 3, from his first marriage. He is now married to Margaret. The children live with their mother, Alice. Julian and Margaret each make $26,000 per year and have recently bought a house for $100,000, with a $95,000 mortgage. They have the following life, health, and disability insurance coverage:
Policy A | Policy B | Policy C | |
Insured | Julian | Julian | Margaret |
Face Amount | 250,000 | 78,000 | 20,000 |
Type | 20 year level term | Group term | Group term |
Annual Premium | $250 | $156 | $50 |
Who pays premium | Trustee | Employer | Employer |
Beneficiary | Trustee | Alice | Julian |
Policy owner | Trust | Julian | Margaret |
Health Insurance: Julian and Margaret are covered under Julian’s employer plan, which is a Preferred Physicians Plan (PPO) with a $500 in network deductible per person per year co-insurance clause with a family annual out of pocket maximum of $2,500 and an out of network 60/40 coinsurance clause with a family out of pocket maximum of $4,500.
Long Term Disability Insurance: Julian is covered by an own occupation policy, with premiums paid by the employer. The benefit equals 60% of his gross pay after a 180 day elimination period. The policy covers both sickness and accidents. The benefit period is 5 years (60 months). Margaret is not covered by disability income insurance.
• Assume Julian dies. Who would receive the proceeds of the life insurance policies?
• Does Julian have adequate life insurance?
• Is Julian’s health and disability coverage adequate? If not, why not?
• Should Margaret have disability income insurance? Why or why not?
• Are any of the premiums or benefits received from the life, health, or disability income insurance taxable to Julian and Margaret?
In: Accounting
QUESTION 3 (15 Marks: 27 minutes)
Handyman Limited is a hardware wholesaler supplying goods to ‘do-it
yourself’ retailers around the country. The company commenced
operations at the beginning of the 20x3 year. The company has been
operating successfully for a number of years. Although turnover
increased consistently, the Company has recently been experiencing
cash flow problems. The managing director has approached you for
advice on how to improve this situation. The following amounts were
extracted from the records of the company:
20x3 20x4 20x5 C000s C000s C000s Turnover 100 000 120 000 135 000
Cost of sales 75 000 90 000 101 250 Profit before interest and tax
6 000 5 500 5 600 Accounts receivable 16 500 25 000 29 600 Account
payable 13 000 14 700 17 000 Inventory 18 750 26 000 30 400 Bank/
(overdraft) 5 000 (500) (2 000)
Required:
1. Identify and calculate the ratios that are needed to analyse the
company’s working capital for the periods 20x4 and 20x5.
2. Comment on the company’s working capital management in the light
of these ratios.
In: Accounting
Suppose you have just received a shipment of 27 modems. Although you don't know this, 3 of the modems are defective. To determine whether you will accept the shipment, you randomly select 8 modems and test them. If all 8 modems work, you accept the shipment. Otherwise, the shipment is rejected. What is the probability of accepting the shipment?
In: Math
1. The affordable method in establishing a total promotional budget for a company is based on:
A. How much the company can afford to spend on the promotional mix.
B. How much customers can afford to spend on the company’s product.
C. How much money it takes to reach all of the customers in the target market.
D. How much money is spent in average per each customer who makes a purchase.
2. Which of the following is not a method of determining a promotional budget?
A. The affordable methods
B. The percentage of sales methods
C. The competitive parity method
D. The competitive advantage method
3. The mix of promotional tools changes as the product goes through different stages in its lifecycle. This is because:
A. customers should rely on more than one method of promotion at each stage to make promotion effective.
B. customers view of the product differently and different communication strategies are necessary to emphasize the various elements of a product in each stage of the life cycle.
C. customers need reinforcement by multiple methods.
D. customers are generally skeptical of advertising.
4. A major hotel chain has implemented a very easy to use kiosk for check in. A recent ad for the hotel shows a business customer arriving at the hotel and using one of the kiosks to check in and retrieve a room key in less than a minute. This advertising is most likely to be executed as:
A. Lifestyle
B. Personality
C. Slice of life
D. Fantasy
In: Economics
Three genes in fruit flies affect a particular trait, and one dominant allele of each gene is necessary to get a wild-type phenotype. What phenotypic ratios would you predict among the progeny if you crossed triply heterozygous flies?
Multiple Choice
27:64
9:23
37:64
1:3
27:37
3:5
1:7
Would the answer be 27:37 wild to mutant?
In: Biology
In: Operations Management
In: Statistics and Probability