3. The production manager of a large manufacturing company estimates that the mean age of isemployees is 22.8 years. The treasurer of the firm needs a more accurate employee mean age figurein order to estimate the cost of an annuity benefit program being considered for employees. Thetreasurer takes a random sample of 70 workers and finds out that the mean age of the employeessampled is 26.2 years with a standard deviation of 4.6. At 0.01 level of significance, what can thetreasurer conclude about the accuracy of the production manager's estimate?

Answered: Image /qna-images/answer/2311ae02-a5f8-411b-935c-16530777816d.jpg

Answered: 3. The production manager of a large…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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A marketing researcher wants to estimate the mean amount spent per year ($) on a web site by membership member shoppers. Suppose a random sample of 100 membership member shoppers who recently made a purchase on the web site yielded a mean amount spent of $55 and a standard deviation of $52. Complete parts (a) and (b) below. a. Is there evidence that the population mean amount spent per year on the web site by membership member shoppers is different from $51? (Use a 0.01 level of significance.) State the null and alternative hypotheses. Ho: H (Type integers or decimals. Do not round. Do not include the $ symbol in your answer.) Identify the critical value(s). The critical value(s) is/are (Type an integer or a decimal. Round to two decimal places as needed. Use a comma to separate answers as needed.) Determine the test statistic. The test statistic, 1STAT, is (Type an integer or a decimal. Round to two decimal places as needed.) State the conclusion. Ho. There is evidence that the…
A marketing researcher wants to estimate the mean amount spent per year ($) on a web site by membership member shoppers. Suppose a random sample of 100 membership member shoppers who recently made a purchase on the web site yielded a mean amount spent of $58and a standard deviation of $55.Complete parts (a) and (b) below. a. Is there evidence that the population mean amount spent per year on the web site by membership member shoppers is different from $51? (Use a 0.01 level of significance.) State the null and alternative hypotheses.
At the end of 2015, 2016, and 2017, the average prices of a share of stock in a portfolio were $34.83, $34.65, and $31.26 respectively. To investigate the average share price at the end of 2018, a random sample of 30 stocks was drawn and their closing prices on the last trading day of 2018 were observed with a mean of 33.583 and a standard deviation of 19.149. Estimate the average price of a share of stock in the portfolio at the end of 2018 with a 95% confidence interval. Compare and Briefly discuss
Suppose that the quarterly sales levels among health care information systems companies are approximately normally distributed with a mean of 8vmillion dollars and a standard deviation of 1.1million dollars. One health care information systems company considers a quarter a "failure" if its sales level that quarter is in the bottom 15%of all quarterly sales levels. Determine the sales level (in millions of dollars) that is the cutoff between quarters that are considered "failures" by that company and quarters that are not. Carry your intermediate computations to at least four decimal places. Round your answer to one decimal place.
4. The cost of a daily newspaper varies from city to city. However, the variation among prices remains steady with a standard deviation of 18¢. A study was done to test the claim that the mean cost of a daily newspaper is $1.00. Twelve costs yield a mean cost of 93¢ with a standard deviation of 17¢. Do the data support the claim at the 1% level?
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