General Instructions:

If nothing is specified, use LS = 5% and you may use MiniTab (or Excel) to perform the hypothesis test.

Question 2:

Twenty shoppers were given a standard shopping list of a limited number of items (say, twelve) for the upscale clothing requirements of one of their school-going children for the coming school year at an expensive private school. They were given the money by an independent firm called Market Research Inc. (MRI) to purchase the items for one child, from the standard list, from 4 different clothing chain stores. The dollar amount the shoppers spent on their clothing for each child, are given under the columns specifying which chain store they bought their clothing from. The MRI wanted only to compare the mean amount of money the various shoppers had spent in the 4 chain stores.

a. Clearly specify what hypothesis the MRI should test? Conduct the 4 step Hypothesis test at 1% level of significance (LS) and reach the appropriate conclusion regarding mean amounts spent in the 4 stores, by using the critical value of the statistic. You may use “SS” given by MiniTab.

b. Explain in words why, you can block the ‘Shopper’ variable. What is this method called?

c. Use the MiniTab approach to show how this can be demonstrated with appropriate analysis. Use 1% Level of Significance. (Hint: Think of ‘Shoppers’ and ‘Stores’ as the two factors.)

d. Which analysis is more appropriate? The one you did in Qu.#2 ‘c’ above or the one you did in Qu.#2 ‘a’? Explain with some specific numerical comparisons of relevant quality.

Data below..

The snow removal business in East Icicle, Minnesota is a competitive industry. All snowplow operators have the cost function C = Q² + 25; where Q is the number of driveways cleared. Demand for snow removal in the town is given by Q_d = 120 - P. The long run equilibrium number of rms in this industry is
(a) 120
(b) 29
(c) 56
(d) 58
(e) 59

(Please show work or explain. I already have the answer. just need to know how to solve it)

Amos purchases an auto insurance policy in the amount of $900. Check # 1005 is issued to Farm Town Insurance. The policy is for 6 months and covers the period from 6/16 – 12/15. In order to provide Amos with accurate accounting information, expense the policy evenly over each of the six months.

Amos pays $1,200 (ck # 1013) for a one-year liability insurance policy. The policy coverage takes effect on August 1.

What will the adjusted entry for trial balance for September be???

The water works commission needs to know the mean household usage of water by the residents of a small town in gallons per day. They would like the estimate to have a maximum error of 0.15 0.15 gallons. A previous study found that for an average family the variance is 3.61 3.61 gallons and the mean is 17.3 17.3 gallons per day. If they are using a 90% 90% level of confidence, how large of a sample is required to estimate the mean usage of water? Round your answer up to the next integer

The City Council has gathered data on the number of minor traffic accidents and the number of youth football games that occur in a town over a weekend

X (Soccer Games) 20 30 10 12 15 25 24

Y (minor accdnt) . 6 9 4 5 7 8 9

Plot the data

Develop the estimating equation that describes the data

Predict the number of minor traffic accidents that will occur on a weekend during which 33 soccer games takes place

This week we will be studying budgeting in governmental entities. Locate a recent article from your local city, town, or state that focuses on budgeting. Summarize the article in your own words and relate the discussion to any of the topics that we cover during this week. Identify any funds mentioned or implied in the article, as well as how the article relates to the budgeting process used by government entities. How does the article relate to what you have learned about internal and external users of the government's budget?

You would like to establish a WAN connectivity between your local offices across town. You are considering the use of a wireless solution. Complete and document research on the technology available to support the establishment of a WAN. Your document should address the following:

• At least 2 available solutions
• Benefits of this form of implementation
• Costs associated with the implementation of each solution
• A summary of 2–3 paragraphs stating which solution you have decided to implement and what motivated the decision

Nikita is the manager of a local small hotel. Just today Nikita received word that a major convention will be coming to town next month, and the demand for hotel rooms is expected to skyrocket. In a conversation with the owner, she asked, "What should our approach to pricing be for the week of the convention? Should we require payment in full at the time of the reservation?" Which management method is Nikita using?

Multiple Choice

• the synergy method

• scientific management

• the systems viewpoint

• the devil's advocate method

• the contingency viewpoint

Binomial Hypothesis Test.

While this method is limited in the type of data it can handle (binary - "success/failure" outcomes), it is powerful in providing figures of authority with scientific information off of which to base important decisions.

There is a limitation to using this method and, statistically, this notion refers to the "power" of a test.

First, let's suppose that you are a disease outbreak coordinator for the Center for Disease Control and Prevention. A recent flu outbreak has led to a successful recovery without long-term problems with probability 93%. Your team runs a test in a small town and determines that, in 20 people, 19 successfully recovered. If you hypothesize that this small town has a higher recover rate, will you be able to reject the null hypothesis with alpha = 0.05? What if 20 successfully recovered? Provide your alpha-observed in both cases.

What your figures in the above two questions reveal is a lack of statistical power. That is, with such a huge probability of success and small sample size, it is hard to fall below the set level of alpha. One option proposed is to increase the sample size.

What is the smallest sample size needed so that it would be possible to reject the null hypothesis? Out of this sample size, how many "successes" would it take to fall in the cut-off region (i.e. alpha-observed <= alpha)?

Apple Mountain Pie Company makes apple pie filling for the consumer market. They are the only firm in the town of Walnut Hills and they, therefore, face an upward sloping labor supply curve: Es = 20w − 120, where E is the number of workers hired each hour and w is the hourly wage rate. Thus, Apple Mountain faces an upward sloped marginal cost of labor curve of MCe = 6 + 0.1E. For simplicity, assume a perfectly elastic labor demand curve. Each hour of labor produces 10 cans of pie filling that can be sold at $5 per can. There are no other costs of production for Apple Mountain.

a. How many workers should Apple Mountain hire each hour to maximize profits and at what wage?

b. Now assume that a wizard moves to Walnut Hills who can determine, just by looking at \them, what each person’s reservation wage is in the town. If he decides to help out the Apple Mountain Pie Company so that they can perfectly discriminate, what would be the number of workers and the wage offered by the pie company now?

c. Compare the wages and levels of employment. Is this what we would expect from a non-discriminating monopsonist vs. a perfectly discriminating monopsonist?