STAT 1043 Managerial Statistics II Test 2 Part 2

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School

New Brunswick Community College, Fredericton *

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Course

GACG1126A

Subject

Statistics

Date

Apr 3, 2024

Type

docx

Pages

Uploaded by AdmiralElectron12417

STAT 1043 Managerial Statistics II Test 2 Part 2 Please submit responses to this part through Dropbox Tuesday, March 12, 2024, before 11:59 pm Reminder: Part 1 to be completed as a Brightspace Quiz before the end of the class period (3:30 pm) 1. [ 7 marks ] A real estate sales agency specializes in selling vacation properties. Its records indicate that the mean selling time of a vacation property is 90 days. Because of recent economic and climate conditions, it is believed that the mean selling time is now more than 90 days. The population standard deviation is known to be 16 days. A survey of 75 recently sold properties revealed a mean selling time of 94 days. At the 0.01 significance level, has there been an increase in the mean time to complete the sale? The relevant hypotheses for this exercise are: H 0 : μ = 0 H 1 : μ > 0 a. (2 marks) State which test statistic should be used and why. b. (2 marks) Define the Decision Rule (pictures are helpful but not required). Remember that α = 0.01 . c. (3 marks) Calculate the test statistic from the sample information, make a decision, and write a conclusion in the context of the problem. 2. [ 8 marks] The owner of Bun ‘N’ Run Hamburger wishes to compare the sales per day of the new Deluxe Burger at two locations in Moncton. The mean number of sales for 10 randomly selected days at the Riverview site was 83.5 burgers, with a sample standard deviation of 10.5. For a random sample of 12 days at the Main Street Downtown location, the mean number of sales was 78.8 burgers, with a sample standard deviation of 14.25. At the 0.05 significance level, is there a difference in the mean number of hamburgers sold at the two locations? a. (1 mark) State the null and alternative hypotheses. b. (1 mark) State the Level of Significance c. (2 marks) State the test statistic to use and justify your choice. d. (2 marks) Define the Decision Rule e. (2 marks) If t calc = 0.8673 what would be your decision? Write a conclusion in the context of the problem.

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