1.             Suppose the age of the customers at post office has a non-normal distribution with mean 40 and standard deviation 5 years.

i.     Select 100 customers at random. What is the distribution of their average age? Describe its shape, it’s mean, and standard error.

ii.   What is the chance that the average age for 100 customers from the post office is over 41?

iii.  Would you take the same approach to the previous two parts if you had a sample of only 2 customers?

The manager of store A is aware that waiting times are much longer if the customer makes an order with a special request. From past experience this occurs 20% of the time. If we monitor the next 10 customers,

(a) What is the probability that half or more of these customers make a special request?

(b) What assumptions do you need to make to find this probability? Out of the next 100 customers,

(c) There is a probability of 90% that the number of customers make a special request equals or exceeds what value?  

an electronics store sends out a survey to seven new customers to determine if they are satisfied with their purchase. Assume the probability a customer will be satisfied is 0.7.
a. What is the mean number of customers that will be satisfied?

b. What is the standard deviation of the number of customers satisfied? 4. What is the probability of exactly five customers being satisfied?

c. What is the probability of at least one customer being satisfied? (Hint: use the compliment of “at least one”. Give the answer to seven places to the right of the decimal point

Solve the following question.

1. The following is the 8 week sales data for a Kashmiri tea house comprising the number of customers (in hundreds) and weekly sales (in thousand SRs).

1. Find the simple linear regression equation of weekly sales over number of customers.
2. What will be sales of ninth week given that the average number of customers is 30?

Delta Sonic is a car wash provider in Western New York. VIP Customers at their Buffalo, NY location sign up for unlimited car washes and a separate line & dedicated car wash services those customers (i.e. a single-server single-queue model). Assume VIP customers arrive every 10 minutes on average and that their inter-arrival time is exponentially distributed. Also, assume that processing (washing) time is the sum of two components:

A constant (i.e. not random) basic washing time that is exactly 4 minutes.

A random extra-service time that is exponentially distributed with mean time of 2 minutes.

In Excel, simulate the arrival times and processing times of VIP customers at this car wash using 2,000 sample customers. Using the results of your simulation, calculate the percentage of VIP customers that were in the process (i.e. waiting+washing) for longer than 12 minutes. Press F9 to rerun your simulation several times and record the results for the percentage of customers who wait longer than 12 minutes. Using the median of these recorded percentages as your estimate of the percentage of customers expected to wait longer than 12 minutes, enter that probability here as a two digit decimal e.g. 0.25, 0.45, 0.99, etc.)

Dee F. is considering building a drive-up/drive thru coffee stall at a location she researched as a viable location. The location can accommodate a maximum of 10 cars. Based on her research, customer arrivals follow a Poisson probability distribution, with a mean arrival rate of 25 cars per hour, and that service times follow an exponential probability distribution. Arriving customers will place their orders at an intercom station as soon as they enter the lot where the stall will be located, and then drive to the service window to pay for and receive their orders. Three service alternatives are being considered:

• A single channel operation in which one employee, whose hourly wage rate is $15, fills the order and takes the money from the customer. The average service time for this alternative is 2 minutes.
• A single-channel operation in which one employee fills the order while a second employee takes the money from the customer. Each employee has an hourly wage of $15. The average service time for this alternative is 1.50 minutes
• A two-channel operation with two service windows and two employees in each service window. Each of the employees has an hourly wage of $15. The employees stationed at each window fills the order and takes the money for customers arriving at the window. The average service time for this alternative is 1.5 minutes for each channel.

1. Complete the table below comparing the three alternatives on the following service characteristics. Show your outputs used in completing the table.

2. Which of the three options will you recommend Dee F. to use? Support your answer.

Currently, the term structure is as follows: One-year bonds yield 12.00%, two-year bonds yield 13.00%, three-year bonds and greater maturity bonds all yield 14.00%. You are choosing between one-, two-, and three-year maturity bonds all paying annual coupons of 13.00%, once a year. You strongly believe that at year-end the yield curve will be flat at 14.00%.

a. Calculate the one year total rate of return for the three bonds. (Do not round intermediate calculations. Round your answers to 2 decimal places.)

b. Which bond you would buy?

Ten randomly selected people took an IQ test A, and next day they took a very similar IQ test B. Their scores are shown in the table below.

1. Consider (Test A - Test B). Use a 0.050.05 significance level to test the claim that people do better on the second test than they do on the first. Round calculated answers to three decimal places.

(a) What test method should be used?

A. Matched Pairs
B. Two Sample z
C. Two Sample t

(b) The null hypothesis is μdiff=0μdiff=0. What is the alternate hypothesis?

A. μdiff≠0
B. μdiff>0
C. μdiff<0

(c) The test statistic is

(d) The p-value is

(e) Is there sufficient evidence to support the claim that people do better on the second test?

A. Yes
B. No

2. Construct a 9595% confidence interval for the mean of the differences. Again, use (Test A - Test B).
____ <μ< ____

You are provided with the following information for Kingbird Inc. for the month ended June 30, 2019. Kingbird uses the periodic system for inventory.
HELP!!!

Calculate weighted-average cost per unit. (Round answer to 2 decimal places, e.g. 5.25.)

Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost.

Calculate gross profit rate under each of the following methods (1) LIFO (2) FIFO (3) Average-cost

Compare the results for the three cost flow assumptions and answer the following questions:

In this period of rising prices, LIFO gives the ____ cost of goods sold and the ____ gross profit. FIFO gives the ___ cost of goods sold and the ____ gross profit.

A consumer finds only three products, X, Y, and Z, are for sale. The amount of utility which their consumption will yield is shown in the table below.

Assume that the prices of X, Y, and Z are $10, $2, and $8, respectively.

The consumer has an income of $74 to spend.

(a)          Complete the table by computing the marginal utility per dollar for successive units of X, Y, and Z to one or two decimal places.

(b)          How many units of X, Y, and Z will the consumer buy when maximizing utility and spending all income?

(c)           Why would the consumer not be maximizing utility by purchasing 2 units of X, 4 units of Y, and 1 unit of Z?