This is a written, statistical report, not simply a collection of different types of Excel output. It is not necessary to include the formulas you used or a copy of the dataset. When answering the questions, make sure to include any relevant statistics and/or the results of your calculations. Like any other written report, you will want to start with an introductory paragraph or problem statement and finish with a conclusion that summarizes the information presented.

1. Use descriptive statistics to summarize the data.

2. Develop a 95% confidence interval estimate of the mean age of unemployed individuals in Philadelphia.

3. Conduct a hypothesis test to determine whether the mean duration of unemployment in Philadelphia is greater than the national mean duration of 14.6 weeks. Use a .01 level of significance. What is your conclusion?

4. Is there a relationship between the age of an unemployed individual and the number of weeks of unemployment? Explain.

The following data give the number of hours 5 students spent studying and their corresponding grades on their midterm exams.

Step 1 of 5 : Calculate the sum of squared errors (SSE). Use the values b0=76.2307b0=76.2307 and b1=3.7404b1=3.7404 for the calculations.

Step 2 of 5 : Calculate the estimated variance of errors, s^2e. .

Step 3 of 5 : Calculate the estimated variance of slope, s^2b1 .

Step 4 of 5 : Construct the 90% confidence interval for the slope. Lower point and Upper points

Step 5 of 5 : Construct the 99% confidence interval for the slope. Lower point and Upper point

3-19 Multiproduct breakeven point (LO 5) Andrew Sinclair operates a lawn care business. He offers customers a choice of two services. The first service, basic lawn care, includes mowing and trimming of all lawn areas. Andrew bills these customers $30 per hour, and his variable cost for providing this service is $22 per hour. Andrew also offers deluxe lawn care services, which includes flower bed maintenance in addition to basic lawn care. He bills his customers $60 per hour for this service, and his variable cost for providing this service is $28 per hour. Andrew currently spends 1 hour of his time providing deluxe lawn care services for every 4 hours of basic lawn care services. Andrew also incurs $140,800 in fixed costs per year running his business.

Required

a.What is Andrew's profit equation?

b.How many hours of each service type must Andrew provide in a year to break even?

c.Andrew believes that with a little persuasion, he could convert many of his basic lawn care customers to the deluxe service. If he is able to convert enough customers so that he spends an equal amount of time providing basic and deluxe services, how many hours will he need to work to break even?

create a regression model for the Wedding Cost data set, using Wedding Cost as the dependent variable, and all other variables as independent variables. Try whether the Bride and Groom were payors for the wedding, and at least one additional interaction term in the model. Do that by Excel

Using the Excel file Weddings, apply the Regression tool using the wedding cost as the dependent variable and attendance as the independent variable.

1. What is the regression model?

2. Interpret all key regression results, hypothesis tests, and confidence intervals in the output.

3. If a couple is planning a wedding for 175 guests, how much should they budget?

4. Couple's Income	Bride's age	Payor	Wedding cost	Attendance	Value Rating
   $130,000	22	Bride's Parents	$60,700.00	300	3
   $157,000	23	Bride's Parents	$52,000.00	350	1
   $98,000	27	Bride & Groom	$47,000.00	150	3
   $72,000	29	Bride & Groom	$42,000.00	200	5
   $86,000	25	Bride's Parents	$34,000.00	250	3
   $90,000	28	Bride & Groom	$30,500.00	150	3
   $43,000	19	Bride & Groom	$30,000.00	250	3
   $100,000	30	Bride & Groom	$30,000.00	300	3
   $65,000	24	Bride's Parents	$28,000.00	250	3
   $78,000	35	Bride & Groom	$26,000.00	200	5
   $73,000	25	Bride's Parents	$25,000.00	150	5
   $75,000	27	Bride & Groom	$24,000.00	200	5
   $64,000	25	Bride's Parents	$24,000.00	200	1
   $67,000	27	Groom's Parents	$22,000.00	200	5
   $75,000	25	Bride's Parents	$20,000.00	200	5
   $67,000	30	Bride's Parents	$20,000.00	200	5
   $62,000	21	Groom's Parents	$20,000.00	100	1
   $75,000	19	Bride's Parents	$19,000.00	150	3
   $52,000	23	Bride's Parents	$19,000.00	200	1
   $64,000	22	Bride's Parents	$18,000.00	150	1
   $55,000	28	Bride's Parents	$16,000.00	100	5
   $53,000	31	Bride & Groom	$14,000.00	100	1
   $62,000	24	Bride's Parents	$13,000.00	150	1
   $40,000	26	Bride's Parents	$7,000.00	50	3
   $45,000	32	Bride & Groom	$5,000.00	50	5

Please read the background information and answer the following questions

Background: Country Table Potato Chip Company is a small, privately owned company that produces a limited line of snack foods sold in a three-state range including most of Illinois, Indiana, and Iowa. The company has been in business for 57 years and was started by Franklin Brewster. Frank developed a faithful following for his chips as a result of a cooking process that sealed in flavor. The brand name is well respected in the region. The company was run by George Brewster (third generation) for the past 31 years until his recent death. The company has been handed over to the fourth generation of the Brewster family, Ms. Emily Brewster. Emily has a financial background and has worked in the company in the accounting department for the past eight years.

She wants to take the company in a new direction, knowing from her accounting knowledge of the company that some changes need to be made. She admittedly understands the “bottom line”, but little else about running a business. She has brought in a new team to assist her. You have been hired as the marketing team member to develop the new direction for the company.

From background interviews, you have learned the basics of the company’s history. The company has been regional since its inception. There was some interest in a potential buyout of the company by Frito-Lay five years ago, but the negotiations stalled and Frito-Lay lost interest. Emily has expressed interest for some sort of merger of the company in the future.

The company’s product line consists of six types of potato chips (regular, barbeque, and cheddar cheese flavors all in a thin chip and ruffled chip texture). In addition, the company has regular and cheese flavored popcorn, pretzels, and peanuts. All potato chip products are fried in peanut oil while the other products are baked. Ten products in all, with no change to the product line in the past eight years. Products are packaged in “family sized” bags of seven to ten ounces, depending upon the product.

Years ago, Country Table chips were seen as a “premium” product and priced above other competitors. In the last five years, retail prices to consumers have decreased in response to competition and to the large grocery chains pushing for lower prices to them. Originally, the company sourced their potatoes from a premium supplier in Idaho. Those potatoes were part of the original “flavor formula” that gave their chips a distinctive taste. A few years ago, George Brewster decided to source potatoes from a co-op in order to lower costs. These potatoes were indeed cheaper, but the quality and flavor profile were not as good.

All products are made in five factories, spread out across the three states mentioned above. All distribution is done through a fleet of company owned trucks and delivery vehicles working out of a total of 27 regional offices. Frank Brewster relied on “word of mouth” advertising based on the company’s brand. Also, their fleet of company trucks acted as rolling billboards for the products. Country Table has concentrated on placing their products in grocery store chains and larger convenience stores.

The company is “old school” in that very little has been done to keep up with technology. The company does have a website and offers customers a way to suggest improvements. One consistent theme from customers is a need to expand the flavors of potato chips to keep up with competitor product offerings.

Overall, the industry for snack foods has been increasing. In the past five years, industry sales have increased at a rate of 3% per year. However, the mix of product lines has been shifting. Traditional fried chip products have seen an annual decrease of 4% over the same period. Other new, more healthy snack products have seen a growth rate of over 6% a year.

Country Tables’ unit sales have been essentially flat for the past three years. Profits have been decreasing about 3% per year as a result of higher costs and lower prices. Lower prices have been offered in order to offset competitive efforts to take sales away from Country Table.

Questions:

• If you proposed any new products in the product section, what promotional activities would you recommend for those new products?
• Emily has a financial background. What stage(s) of the product development process do you think she would be most interested in?
• If you proposed new products in the product section, what impact does that addition have on distribution?
• Are there any packaging changes you would recommend?

Consider a taxi stand where inter-arrival times of the taxis and the customers are both exponential with means of 0.5 and 1 minutes, respectively. Stand has 3 spots that taxis can park while waiting for the arriving customers. Arriving taxis leaves the stand when all the spots are occupied. Similarly, arriving customers are also lost when there is no taxi in the stand.

a. Model this system as a birth and death process by defining the state and the state space, and drawing the rate diagram.
b. Compute the steady-state probabilities.
c. What is the expected number of taxis waiting at the stand in the long run?

Consider a taxi stand where inter-arrival times of the taxis and the customers are both exponential with means of 0.5 and 1 minutes, respectively. Stand has 3 spots that taxis can park while waiting for the arriving customers. Arriving taxis leaves the stand when all the spots are occupied. Similarly, arriving customers are also lost when there is no taxi in the stand.

a. Model this system as a birth and death process by defining the state and the state space, and drawing the rate diagram.

b. Compute the steady-state probabilities.

c. What is the expected number of taxis waiting at the stand in the long run?

Frost Bank finds that 24 customers arrive at the single drive-through per hour. The teller is able to complete 32 transactions per hour. Assume M/M/1 operating characteristics.

1. What is the average time a customer spends waiting?

2. What is the probability that the system is idle?

3. What is the probability that there are more than 4 customers in line?

4. What is the average number of customers in line?

5. How long does the average customer spend in the system?

6. What is the utilization factor?

7. What is the probability that a customer will have to wait?