ECO45 Choi Review Session for Final (1)

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Fall 2023 ECO 045 Sections 011/012 (Choi) Review Session for the Final Exam Sunday, December 9th • This review session will focus on the topics covered after the second midterm. Make sure to review the topics from the two midterms. • Office hours schedule: Monday, 3-4:30 PM, and Tuesday, 10-11:30 AM.
1. (Ch. 10 Supplementary Exercise #38) Supermarket Checkout Lane Design. Safegate Foods, Inc., is redesigning the checkout lanes in its supermarkets throughout the country and is considering two designs. Tests on customer checkout times conducted at two stores where the two new systems have been installed result in the following summary of the data. Test at the .05 level of significance to determine whether the population mean checkout times of the two systems differ. Which system is preferred?
2. (Ch. 10.2 #14) Salaries of Recent College Graduates. The Tippie College of Business obtained the following results on the salaries of a recent graduating class: a. Formulate hypothesis so that, if the null hypothesis is rejected, we can conclude that salaries for Finance majors are significantly lower than the salaries of Business Analytics majors. Use α=.05 . Finance Majors Business Analytics Majors Sample Size 110 30 Sample mean 48,537 55,317 Sample Std. Dev. 18,000 10,000
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2. (Ch. 10.2 #14) Salaries of Recent College Graduates. The Tippie College of Business obtained the following results on the salaries of a recent graduating class: b. What is the value of the test statistic? Finance Majors Business Analytics Majors Sample Size 110 30 Sample mean 48,537 55,317 Sample Std. Dev. 18,000 10,000
2. (Ch. 10.2 #14) Salaries of Recent College Graduates. The Tippie College of Business obtained the following results on the salaries of a recent graduating class: c. What is the p-value? Finance Majors Business Analytics Majors Sample Size 110 30 Sample mean 48,537 55,317 Sample Std. Dev. 18,000 10,000
2. (Ch. 10.2 #14) Salaries of Recent College Graduates. The Tippie College of Business obtained the following results on the salaries of a recent graduating class: d. What is your conclusion? Finance Majors Business Analytics Majors Sample Size 110 30 Sample mean 48,537 55,317 Sample Std. Dev. 18,000 10,000
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3. (Ch. 10.4 #36) Gender Differences in Raise or Promotion Expectations. The Adecco Workplace Insights Survey sampled men and women workers and asked if they expected to get a raise or promotion this year. Suppose the survey sampled 200 men and 200 women. If 104 of the men replied Yes and 74 of the women replied Yes, are the results statistically significant in that you can conclude a greater proportion of men are expecting to get a raise or a promotion this year? a. State the hypothesis test in terms of the population proportion of men and the population proportion of women.
3. (Ch. 10.4 #36) Gender Differences in Raise or Promotion Expectations. The Adecco Workplace Insights Survey sampled men and women workers and asked if they expected to get a raise or promotion this year. Suppose the survey sampled 200 men and 200 women. If 104 of the men replied Yes and 74 of the women replied Yes, are the results statistically significant in that you can conclude a greater proportion of men are expecting to get a raise or a promotion this year? b. What is the sample proportion for men? For women?
3. (Ch. 10.4 #36) Gender Differences in Raise or Promotion Expectations. The Adecco Workplace Insights Survey sampled men and women workers and asked if they expected to get a raise or promotion this year. Suppose the survey sampled 200 men and 200 women. If 104 of the men replied Yes and 74 of the women replied Yes, are the results statistically significant in that you can conclude a greater proportion of men are expecting to get a raise or a promotion this year? c. Use a .01 level of significance. What is the p-value and what is your conclusion?
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4. (Ch. 3 Supplementary Exercise #70) Best Hotels . Travel + Leisure magazine provides an annual list of the 500 best hotels in the world. The magazine provides a rating for each hotel along with a brief description that includes the size of the hotel, amenities, and the cost per night for a double room. A sample of 12 of the top- rated hotels in the United States follows. Hotel Location Rooms Cost/Night Boulders Resort & Spa Phoenix, AZ 220 499 Disney’s Wilderness Lodge Orlando, FL 727 340 Four Seasons Hotel Beverly Hills Los Angeles, CA 285 585 Four Seasons Hotel Boston, MA 273 495 Hay-Adams Washington, DC 145 495 Inn on Biltmore Estate Asheville, NC 213 279 Loews Ventana Canyon Resort Phoenix, AZ 398 279 Mauna Lani Bay Hotel Island of Hawaii 343 455 Montage Laguna Beach Laguna Beach, CA 250 595 Sofitel Water Tower Chicago, IL 414 367 St. Regis Monarch Beach Dana Point, CA 400 675 The Broadmoor Colorado Springs, CO 700 420
4. (Ch. 3 Supplementary Exercise #70) Best Hotels . Travel + Leisure magazine provides an annual list of the 500 best hotels in the world. The magazine provides a rating for each hotel along with a brief description that includes the size of the hotel, amenities, and the cost per night for a double room. A sample of 12 of the top- rated hotels in the United States follows. a. What is the mean number of rooms? Rooms Cost/Night 220 499 727 340 285 585 273 495 145 495 213 279 398 279 343 455 250 595 414 367 400 675 700 420
4. (Ch. 3 Supplementary Exercise #70) Best Hotels . Travel + Leisure magazine provides an annual list of the 500 best hotels in the world. The magazine provides a rating for each hotel along with a brief description that includes the size of the hotel, amenities, and the cost per night for a double room. A sample of 12 of the top- rated hotels in the United States follows. b. What is the mean cost per night for a double room? Rooms Cost/Night 220 499 727 340 285 585 273 495 145 495 213 279 398 279 343 455 250 595 414 367 400 675 700 420
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4. (Ch. 3 Supplementary Exercise #70) Best Hotels . Travel + Leisure magazine provides an annual list of the 500 best hotels in the world. The magazine provides a rating for each hotel along with a brief description that includes the size of the hotel, amenities, and the cost per night for a double room. A sample of 12 of the top- rated hotels in the United States follows. c. What is the sample correlation coefficient? Rooms Cost/Night 220 499 727 340 285 585 273 495 145 495 213 279 398 279 343 455 250 595 414 367 400 675 700 420
4. (Ch. 3 Supplementary Exercise #70) Best Hotels . Travel + Leisure magazine provides an annual list of the 500 best hotels in the world. The magazine provides a rating for each hotel along with a brief description that includes the size of the hotel, amenities, and the cost per night for a double room. A sample of 12 of the top- rated hotels in the United States follows. d. What does it tell you about the relationship between the number of rooms and the cost per night for a double room? Rooms Cost/Night 220 499 727 340 285 585 273 495 145 495 213 279 398 279 343 455 250 595 414 367 400 675 700 420
5. (Ch. 14.3 #22) Rental Car Revenue and Fleet Size. The following data were used to investigate the relationship between the number of cars in service (1000s) and the annual revenue ($millions) for six smaller car rental companies ( Auto Rental News website). Company Cars (1000s) Revenue ($ millions) U-Save Auto Rental System, Inc. 11.5 118 Payless Car Rental System, Inc. 10.0 135 ACE Rent A Car 9.0 100 Rent-A-Wreck of America 5.5 37 Triangle Rent-A-Car 4.2 40 Affordable/Sensible 3.3 32
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5. (Ch. 14.3 #22) Rental Car Revenue and Fleet Size. a. Use these data to develop an estimated regression equation that could be used to predict annual revenue for a given cars in service. Company Cars (1000s) Revenue ($ millions) U-Save Auto 11.5 118 Payless Car 10.0 135 ACE Rent A Car 9.0 100 Rent-A-Wreck 5.5 37 Triangle Rent-A-Car 4.2 40 Affordable/Sensible 3.3 32
5. (Ch. 14.3 #22) Rental Car Revenue and Fleet Size. b. For these data, SSE = 1043.03. Compute the coefficient of determination. What does the measure indicate about the goodness of fit of the regression equation? Company Cars (1000s) Revenue ($ millions) U-Save Auto 11.5 118 Payless Car 10.0 135 ACE Rent A Car 9.0 100 Rent-A-Wreck 5.5 37 Triangle Rent-A-Car 4.2 40 Affordable/Sensible 3.3 32
5. (Ch. 14.3 #22) Rental Car Revenue and Fleet Size. c. What is the value of the sample correlation coefficient? Company Cars (1000s) Revenue ($ millions) U-Save Auto 11.5 118 Payless Car 10.0 135 ACE Rent A Car 9.0 100 Rent-A-Wreck 5.5 37 Triangle Rent-A-Car 4.2 40 Affordable/Sensible 3.3 32
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