**Waiting Times in a Bank: Comparing Single and Individual Lines****Context:**This exercise involves analyzing the waiting times (in minutes) of customers in two different banking scenarios. In the first scenario, all customers enter a single waiting line. In the second scenario, customers wait in individual lines at three different teller windows. The waiting times for each scenario are provided below. Your task is to calculate the mean and median for each dataset and then compare the results.**Data:**- **Single Line:** 6.4, 6.6, 6.7, 6.8, 7.1, 7.2, 7.6, 7.8, 7.8, 7.8- **Individual Lines:** 4.3, 5.5, 5.8, 6.3, 6.5, 7.8, 8.7, 9.2, 9.9**Instructions:**1. **Calculate the Mean and Median:** - **Mean Waiting Time for Single Line:** [Fill in the blank] - **Median Waiting Time for Single Line:** [Fill in the blank] - **Mean Waiting Time for Individual Lines:** [Fill in the blank] - **Median Waiting Time for Individual Lines:** [Fill in the blank]2. **Compare the Data Sets:** - Determine whether there is a difference between the two data sets that is not apparent from a comparison of the measures of center. If so, what is it? **Options:** - A. The times for customers in a single line are much more varied than the times for customers in individual lines. - B. The times for customers in individual lines are much more varied than the times for customers in a single line. - C. There is no difference between the two data sets.**Your Analysis:**Consider the measures of center and spread to evaluate the differences between the two scenarios. This exercise helps in understanding statistical comparisons in real-life situations.

aiting times (in minutes) of customers in a bank where all customers enter a single waiting line and a bank where customers wait in individual lines at three different teller windows are listed below. Find the mean ar edian for each of the two samples, then compare the two sets of results. Single Line Individual Lines 6.4 4.3 6.6 5.5 6.7 5.8 6.8 6.3 7.1 6.5 7.2 7.8 7.6 7.8 7.8 8.7 e mean waiting time for customers in a single line is e median waiting time for customers in a single line is minutes. minutes. minutes. minutes. e mean waiting time for customers in individual lines is e median waiting time for customers in individual lines is termine whether there is a difference between the two data sets that is not apparent from a comparison of the measures of center. If so, what is it? A. The times for customers in a single line are much more varied than the times for customers in individual lines. B. The times for customers in individual lines are much more varied than the times for customers in a single line. C. There is no difference between the two data sets. 7.8 9.2 7.8 9.9 D

aiting times (in minutes) of customers in a bank where all customers enter a single waiting line and a bank where customers wait in individual lines at three different teller windows are listed below. Find the mean ar edian for each of the two samples, then compare the two sets of results. Single Line Individual Lines 6.4 4.3 6.6 5.5 6.7 5.8 6.8 6.3 7.1 6.5 7.2 7.8 7.6 7.8 7.8 8.7 e mean waiting time for customers in a single line is e median waiting time for customers in a single line is minutes. minutes. minutes. minutes. e mean waiting time for customers in individual lines is e median waiting time for customers in individual lines is termine whether there is a difference between the two data sets that is not apparent from a comparison of the measures of center. If so, what is it? A. The times for customers in a single line are much more varied than the times for customers in individual lines. B. The times for customers in individual lines are much more varied than the times for customers in a single line. C. There is no difference between the two data sets. 7.8 9.2 7.8 9.9 D

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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