An education minister would like to know whether students at Gedrassi high school on average perform better at English or at Mathematics. Denoting by μ1 the mean score for all Gedrassi students in a standardized English exam and μ2 the mean score for all Gedrassi students in a standardized Mathematics exam, the minister would like to get a 95% confidence interval estimate for the difference between the means: μ1 - μ2.

A study was conducted where many students were given a standardized English exam and a standardized Mathematics exam and their pairs of scores were recorded. Unfortunately, most of the data has been misplaced and the minister only has access to scores for 4 students.

The populations of test scores are assumed to be normally distributed. The minister decides to construct the confidence interval with these 4 pairs of data points. This Student's t distribution table may assist you in answering the following questions.

a)Calculate the lower bound for the confidence interval. Give your answer to 3 decimal places.

Lower bound =

b)Calculate the upper bound for the confidence interval. Give your answer to 3 decimal places.

Upper bound =

An assistant claims that there is no difference between the average English score and the average Math score for a student at Gedrassi high school.

c)Based on the confidence interval the minister constructs, the claim by the assistant can or cannot be ruled out.

A large school district claims that 80% of the children are from low-income families. 130 children from the district are chosen to participate in a community project. Of the 130 only 72% are from low-income families. The children were supposed to be randomly selected. Do you think they really were?

a. The null hypothesis is that the children were randomly chosen. This translates into drawing times

at random
with replacement
without replacement

from a null box that contains

b.
130 tickets, 72% marked "1" and 28% marked "0"
Thousands of tickets, 80% marked "1" and 20% marked "0"
Thousands of tickets marked either "1" or "0", but the exact percentages of each are unknown and estimated from our sample.
5 tickets, 1 marked "1" and 4 marked "0"

c. What is the expected value of the percent of 1's in the draws? (Don't type in the % sign)

%

d. What is the SD of the null box? (Note: We don't have to estimate the SD of the box from the sample SD because we can compute it directly from the percent of 1's in the null box. This is why we never use a t-test for problems that can be translated into 0-1 boxes.)

e. What is the standard error of the % of 1's in the draws? (Round to 2 decimal places.) %

f. What is the value of the test statistic z? (Round answer to 2 decimal places.)

g. What is the p-value? Click here to view the normal table
%

h. What do you conclude?
There is very strong evidence to reject the null, and conclude that the children were not randomly chosen.
We cannot reject the null, it's plausible the children were randomly chosen.

At a Midwestern business school, historical data indicates that 70% of admitted MBA students ultimately join the business school’s MBA program. In a certain year, the MBA program at the University admitted 200 students.

a. Find the probability that at least 150 students ultimately join the MBA program.

b. Find the probability that no less than 135 and no more than 160 students finally join the MBA program.

c. How many students should the MBA program expect to join the program?

d. What is the standard deviation of the number of students who will join the MBA program? e. Let X be the number of students out of 200 who will join the program. Would the empirical rule apply to the probability distribution of X in this case?

think of somebody who has authority over you, either at work, school or in another organization to which you belong( you can reference a family member). which do you and others most often overlook when trying to manage up? why? how could this approach to managing up be improved? are any steps missing? explain? manage up table: prepare your message, plan your delivery and tactics, deliver, follow up.

The University of Pittsburgh Medical (UPMS) School grades each class in the following manner:

All students whose score is plus or minus two standard deviations from the mean course score receive a grade of “Pass.”

Students whose score is above two standard deviations from the course mean receive a grade of “Pass with Distinction.”

And, students whose score is below two standard deviations from the course mean receive a grade of “Fail.” Course scores are always assumed to be normally distributed.

Approximately what percentage of medical students in each class receives a “Pass with Distinction”?

Bob is a recent law school graduate who intends to take the state bar exam. According to the National Conference on Bar Examiners, about 48% of all people who take the state bar exam pass. Let n = 1, 2, 3, ... represent the number of times a person takes the bar exam until the first pass.

(a) Write out a formula for the probability distribution of the random variable n. (Use p and n in your answer.)
P(n) =  

(b) What is the probability that Bob first passes the bar exam on the second try (n = 2)? (Use 3 decimal places.)


(c) What is the probability that Bob needs three attempts to pass the bar exam? (Use 3 decimal places.)


(d) What is the probability that Bob needs more than three attempts to pass the bar exam? (Use 3 decimal places.)


(e) What is the expected number of attempts at the state bar exam Bob must make for his (first) pass? Hint: Use μ for the geometric distribution and round.

suppose that you encounter two traffic lights on your commute to school. Based on past experience, you judge that the probability is .60 that the first light will be red when you get to it, .50 that the second light will be red, and .40 that both lights will be red.

a)Determine the conditional probability that the second light will be red, given that the first light is red. (Here and throughout, show the details of your calculations.)

b)Are the events {first light is red} and {second light is red} independent? Justify your answer.

c) Given that at least one light is red, what is the probability that both lights are red? (Show your work.)

Unemployment among high school graduates is quite high due to a recession. City Community College is considering a new program to help young people get the training they need to be more employable. The college has collaborated with the municipal hospital to build a nurse’s aide program, a 1-year program that would lead to immediate employment. Initial financial analysis indicates that the total fixed cost of the program will be $200,000, which includes the cost of a 1-year rental of the facilities plus utilities, insurance, and administrative costs. The variable cost and step cost together are $10,000 per student, which pays for faculty salary, student lunches, and teaching materials and textbooks. The state kicks in $5,000 per student, and the tuition based on market analysis is $6,000. Given that the nurse’s aide program has never been offered in the region before and will be under financial pressure due to current funding cuts, the college’s board of trustees would like to know how many students would need to be enrolled for the program to break even. The board also wants to know what other options it will have to mitigate these financial issues if the expected enrollment is below the break even point, given the high profile of the program at a time when employment and economic recovery are critical.Consider two possibilities: (1) Funding is limited to $100,000, or (2) with the benefit of efficiencies, variable and step costs can be reduced to $9,500. You are required to do a financial analysis of the proposed program. Please provide a spreadsheet solution and a written explanation of your approach.

A College's School of Liberal Arts has 3 departments Estimated information for next year is presented below. Once table information is completed please provide the following information:

Does the allocation of equal amounts of indirect cost provide a "fair" allocation? Yes or No and explain

Which cost driver services the self-interest of the Science Department? History Department? English Department?

What cost driver(s) would you suggest that the school use to assign a "fair" portion of overhead costs to each department? Why?

INFORMATION:

Number of Students per year: Science = 1400, History = 800, English =400

Number of classes per semester: Science - 70, History = 40, English = 30

Number of professors: Science =20, History = 24, English = 10

Revenues: Science = $30,000,000, History = $17,000,000, English = $9,000,000

Direct Expenses: Science = $25,000,000 History = $14,000,000 English = $7,000,000

Each department keeps 20% of the profit it generates

Indirect costs are projected to be $5,000,000

Use a different table of the one below for each plan:

Plan 1: Allocate Equal Amounts of Indirect Costs to Each Department

Plan 2: Allocate Indirect Costs using # of Students as Cost Driver

Plan 3: Allocate Indirect Costs using # of classes/semester as cost driver

Plans 4: Allocate Indirect Costs using # of professors as cost driver

Prepare balance sheets for end of each semester.

Edwina Haskell was an accomplished high school student who looked forward to attending Southern New England University (SNEU). SNEU was unique in that it operated on a trimester basis, its policy was to actively foster independent development among the students. Edwina’s mother and father each own their own small businesses. Soon after freshman orientation at SNEU, Edwina recognized a need among the students that could be the basis for developing a small business. Freshman students could not bring their cars on the campus. In effect, they were confined to the dorm; if they wished to travel, they had to take school-provided buses that operated on a fixed schedule. Further, the university’s cafeteria closed at eight in the evening. Students who wanted to have some food or snacks after 8:00 p.m. had to call local restaurants that delivered. The few restaurants in the neighborhood around SNEU that had delivery services often were late in their deliveries, and hot food, such as pizza, was frequently delivered cold.

Edwina felt that there was a niche market on the campus. She believed that students would be interested in ordering sandwiches, snacks, and sodas from a fellow student provided that the food could be delivered in a timely fashion. After talking with several students in her dorm complex, she believed that offering a package of a sandwich, a soda, and a small snack, such as potato chips, for $5 and a guaranteed delivery of 15 minutes or less would be a winner. Because her dorm complex consisted of four large adjoining buildings that house nearly 1,600 students, she felt that there would be sufficient demand to make the concept profitable. She talked about this concept with her roommates and with her parents. Her roommates were willing to help prepare the sandwiches and deliver them. She planned on paying each of them $250 per trimester for taking orders, making sandwiches, and delivering them. All three roommates, whom she knew from high school, were willing to be paid at the end of the trimester.

Edwina recognized that for this business plan to work, she would have to have a sufficient inventory of cold cuts, lettuce, tomatoes, soda, chips, and condiments to be able to meet student demands. The small refrigerators in the dorm rooms would not be sufficient. After talking to her parents, they were willing to help her set up her business. They would lend her $1,000 to buy a larger refrigerator to place in her dorm room. She did not have to repay this loan until she graduated in four years, but her parents wanted her to appreciate the challenges of operating a small business. They set up several conditions. First, although she did not have to pay back the $1,000 for the refrigerator for four years, she had to pay interest on this “loan.” She had to repay 3 percent of this loan each trimester. Further, they reminded her that although she could pay her friends at the end of the semester, she would need funds to buy the cold cuts, bread, rolls, soda, snacks, condiments, and supplies such as foil to wrap the sandwiches, plus plates and paper bags. Although Edwina was putting $500 of her own money into her business, her parents felt that she might need an infusion of cash during the first year (i.e., the first three trimesters). They were willing to operate as her bank—lending her money, if needed, during the trimesters. However, she had to pay the loan(s) back by the end of the year. They also agreed that the loan(s) would be at a rate of 2 percent per trimester.

Within the first three weeks of her first trimester at SNEU, Edwina purchased the $1,000 refrigerator with the money provided by her parents and installed it in her dorm. She also went out and purchased $180 worth of supplies consisting of paper bags; paper plates; and plastic knives, spoons, and forks. She paid for these supplies out of her original $500 personal investment. She and her roommates would go out once or twice a week, using the SNEU bus system to buy what they thought would be the required amount of cold cuts, bread, rolls, and condiments. The first few weeks’ worth of supplies were purchased out of the remainder of the $500. Students paid in cash for the sandwiches. After the first two weeks, Edwina would pay for the food supplies out of the cash from sales.

In the first trimester, Edwina and her roommates sold 640 sandwich packages, generating revenue of $3,200. During this first trimester, she purchased $1,710 worth of food supplies. She used $1,660 to make the 640 sandwich packages. Fortunately, the $50 of supplies were condiments and therefore would last during the two-week break between the trimesters. Only $80 worth of the paper products were used for the 640 sandwich packages. Edwina spent $75 putting up posters and flyers around the campus promoting her new business. She anticipated that the tax rate would be approximately 35 percent of her earnings before taxes. She estimated this number at the end of the first trimester and put that money away so as to be able to pay her tax bill.

During the two weeks off between the first and second trimester, Edwina and her roommates talked about how they could improve business operations. Several students had asked about the possibility of having warm sandwiches. Edwina decided that she would purchase two Panini makers. So at the beginning of the second trimester, she tapped into her parents’ line of credit for two Panini grills, which in total cost $150. To make sure that the sandwiches would be delivered warm, she and her roommates spent $100 on insulated wrappings. The $100 came from cash. The second trimester proved to be even more successful. The business sold 808 sandwiches, generating revenue of $4,040. During this second trimester, the business purchased $2,100 worth of food supplies, using $2,020 of that to actually create the 808 sandwich packages. They estimated that during the second trimester, they used $101 worth of supplies in creating the sandwich packages.

There was only a one-week break between the second and third trimesters, and the young women were quite busy in developing ideas on how to further expand the business. One of the first decisions was to raise the semester salary of each roommate to $300 apiece. More and more students had been asking for a greater selection of warm sandwiches. Edwina and her roommates decided to do some cooking in the dorms so as to be able to provide meatball and sausage sandwiches. Edwina once again tapped into her parents’ line of credit to purchase $275 worth of cooking supplies. One of the problems they noticed was that sometimes students would place calls to order a sandwich package, but the phones were busy. Edwina hired a fellow student to develop a website where students could place an order and select the time that they would like a sandwich package to be delivered. The cost of creating and operating this website for this third trimester was $300.

This last semester of Edwina’s freshman year proved to be the most successful in terms of sales. They were able to fulfill orders for 1,105 sandwich packages, generating revenue of $5,525. Edwina determined that the direct cost of food for these sandwich packages came out to be $2,928.25. The direct cost of paper supplies was $165.75. At the end of her freshman year, Edwina repaid her parents the $425 that came from her credit line that was used to purchase the Panini makers and the cooking utensils.