A random sample of 29 lunch customers was taken at a restaurant The average amount of time the customers in the sample stayed in the restaurant was 45 minutes with a standard deviation of 14 minutes.

a) Compute the standard error of the mean?

b) Construct a 68% confidence interval for the true average amount of time customers spent in the restaurant?

c) Construct a 90% confidence interval for the true average amount of time customers spent in the restaurant?

d) Discuss why the answers in parts (a) and (b) are different?

e) With a .95 probability, how large of a sample would have to be taken to provide a margin of error of 3 minutes or less?

A local Division of Motor Vehicles (DMV) is concerned with its waiting line system. Currently, the DMV uses a single-server, single-line, single-phase system when processing license renewals. Based on historical evidence, the average number of customers arriving per hour is 9 and is described by a Poisson distribution. The service rate is 12 customers per hour with the service times following an exponential distribution. The customers are patient and come from an infinite population. The manager of the DMV would like you to calculate the operational characteristics of the waiting line

What is the probability that there are 2 customers in the system.
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Burger Dome sells hamburgers, cheeseburgers, French fries, soft drinks, and milk shakes, as well as a limited number of specialty items and dessert selections. Although Burger Dome would like to serve each customer immediately, at times more customers arrive than can be handled by the Burger Dome food service staff. Thus, customers wait in line to place and receive their orders. Suppose that Burger Dome analyzed data on customer arrivals and concluded that the arrival rate is 21 customers per hour and 1 customer processed per minute.

Compare a multiple-server waiting line system with a shared queue to a multiple-server waiting line system with a dedicated queue for each server. Suppose Burger Dome establishes two servers but arranges the restaurant layout so that an arriving customer must decide which server's queue to join. Assume that this system equally splits the customer arrivals so that each server sees half of the customers. How does this system compare with the two-server waiting line system with a shared queue? Compare the average number of customers waiting, average number of customers in the system, average waiting time, and average time in the system. If required, round your answers to four decimal places.

Shared single queue ///////////Dedicated queues

Number of customers waiting

Average number of customers in the system

Average waiting time minutes minutes

Average time in the system minutes minutes

Comparing these numbers, it is clear that the shared single queue results in better process performance than the two dedicated queues . True or False?

In the B2B market is Boeing. Boeing makes airplanes for companies to fly. In the B2B market they have close relationships with a few customers, and they don’t need to spend money on marketing tactics. The forecasting approach that I believe would be most appropriate for use in developing a marketing plan would be sales force composite. Sales force composite would be the best forecasting method because the salespeople know their customers best. Additionally, this forecasting method is very fast and cheap which for B2B customers there does not need to be marketing tactics because they deal with a few customers and base their selling on relationships. The forecasting approaches that I believe would be least appropriate would be the Delphi Method. This method would use questionnaires and it takes a lot of time. For forecasting a marketing plan using expert would be the least appropriate for B2B market.

In the B2C market is McDonalds. McDonalds provides food directly for its customers. McDonalds services many customers a day, they use mass communication and spend a lot of money on marketing tactics. The forecasting approach that I believe would be most appropriate for use in developing a marketing plan would be market survey. You would be able to figure out what customers are looking for and plan on buying. Desirable product features may also be discovered. The forecasting approaches that I believe would be least appropriate would be sales force composite. The reason why this would be least appropriate is because this forecasting method is based on relationship building and is best for a handful of customers vs thousands in which McDonalds has.

Please respond in 100-150 words

A local bank has two branches, one in Standish and the other in Limerick. To determine whether the wait time at the drive-through was different for the branches, the director of the bank had the manager at each branch use security camera footage to randomly select 40 customers who used the drive-through and to determine the wait time. The average wait time for the sample for the Standish branch was 93.12 seconds with a standard deviation of 14.65 seconds. The average wait time for the sample for the Limerick branch was 107.36 seconds with a standard deviation of 16.14 seconds. Let μ1 be the population mean wait time for drive-through customers at the Standish branch, and let μ2 be the population mean wait time for drive-through customers at the Limerick branch. The alternative hypothesis for this test is Ha:μ1−μ2≠0. Assume that the population standard deviations of the wait time for the two branches are equal. If the p-value of the hypothesis test is less than 0.01 and the significance level is α=0.10, what conclusion could be made about the population mean wait times for customers at the two branches?

Select all that apply:

A) Reject the null hypothesis.

B) Fail to reject the null hypothesis.

C) The conclusion of the hypothesis test is that there is sufficient evidence to suggest that the population mean wait time for customers at the Standish branch is different than the population mean wait time for customers at the Limerick branch.

D) The conclusion of the hypothesis test is that there is insufficient evidence to suggest that the population mean wait time for customers at the Standish branch is different than the population mean wait time for customers at the Limerick branch.

NEED Answer for Dedicated Queues please!

Problem 15-25

Burger Dome sells hamburgers, cheeseburgers, French fries, soft drinks, and milk shakes, as well as a limited number of specialty items and dessert selections. Although Burger Dome would like to serve each customer immediately, at times more customers arrive than can be handled by the Burger Dome food service staff. Thus, customers wait in line to place and receive their orders. Suppose that Burger Dome analyzed data on customer arrivals and concluded that the arrival rate is 45 customers per hour and 1 customer processed per minute.

Compare a multiple-server waiting line system with a shared queue to a multiple-server waiting line system with a dedicated queue for each server. Suppose Burger Dome establishes two servers but arranges the restaurant layout so that an arriving customer must decide which server's queue to join. Assume that this system equally splits the customer arrivals so that each server sees half of the customers. How does this system compare with the two-server waiting line system with a shared queue? Compare the average number of customers waiting, average number of customers in the system, average waiting time, and average time in the system.

If required, round your answers to four decimal places.

Answer the following question using the table below.

At what point does diminishing marginal utility set in?

If apples were freely given away at zero cost, how many apples would she choose to consume?

When using binomial approach and Black-Scholes formula for pricing options, do you expect the results to be the same? (3)Why or why not? (2)  Price a put and a call with data offered below using both methods and show the prices. Do your results support initial expectations? (5)

Present stock price $30, exercise price $40, interest rate 5%, option expires one year from now, volatility 27%, stock will either move up by 40% or down by 27%.

he table below contains the overall miles per gallon​ (MPG) of a type of vehicle. Complete parts a and b below.

a. Construct a 99​% confidence interval estimate for the population mean MPG for this type of​ vehicle, assuming a normal distribution.The 99​% confidence interval estimate is from

MPG to MPG. (MPG) Miles per gallon.

​(Round to one decimal place as​ needed.)

b. interpret the interval of (a)

A car company advertises that their Super Spiffy Sedan averages 29 mpg (miles per gallon). You randomly select a sample of Super Spiffies from local dealerships and test their gas mileage under similar conditions.

You get the following MPG scores:

33 27 32 34 34 28 27 31

Note: SSx = 63.50

Using alpha =.01, conduct the 8 steps to hypothesis testing to determine whether the actual gas mileage for these cars differs significantly from 29mpg.