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- Opinions are split about a coffee company's pumpkin-flavored coffee (PFC). Yet every year over the last five years the consumption of pumpkin-flavored goods has increased. If we look at the numbers, it also becomes clear why a leading coffee company keeps offering the PFC earlier and earlier every year. According to a magazine, the amount spent by PFC buyers at the coffee company is about 17% higher than non-PFC buyers. The accompanying table shows a random sample of eight consumers, the amount they spend per week, and the number of PFCs purchased per week. PFC Spending 2 13.88 7 39.11 4 19.79 1 9.84 3 15.43 1 21.52 5 37.39 3 13.85 Calculate the slope and y-intercept for the regression formula. The slope is b1=(Round to three decimal places as needed.). In 2010, of a total of 67,000 rooms on the Las Vegas Strip, Caesars Entertainment managed 22,880, while MGM Resorts managed over 12,000. However, owing to the Great Recession and new hotel openings, between 2008 and 2010, MGM's hotel occupancy decreased from 92% to 89%, while its average daily room rate fell from $148 to $108. Meanwhile, CityCenter, managed by MGM Resorts, and the Cosmopolitan opened with 4,000 and 3,000 rooms respectively, and the 1,720-room Sahara closed. (Sources: Caesars Entertainment Corp., Annual Report 2010; MGM Resorts, Annual Report 2010; "Sahara's closure on May 16 will mark `the end of an era'," Las Vegas Sun, March 11, 2011.) (a) Using a suitable figure, explain how the opening of CityCenter and the Cosmopolitan affects the residual demand for an existing hotel and how it should adjust prices. (b) If MGM Resorts had not reduced its room rates, what would have been the effect on occupancy? (c) Use the Cournot model to explain…Opinions are split about a coffee company's pumpkin-flavored coffee (PFC). Yet every year over the last five years the consumption of pumpkin-flavored goods has increased. If we look at the numbers, it also becomes clear why a leading coffee company keeps offering the PFC earlier and earlier every year. According to a magazine, the amount spent by PFC buyers at the coffee company is about 17% higher than non-PFC buyers. The accompanying table shows a random sample of eight consumers, the amount they spend per week, and the number of PFCs purchased per week. PFC Spending 2 13.88 7 39.11 4 19.79 1 9.84 3 15.43 1 21.52 5 37.39 3 13.85 The slope is b1=4.465 The y-intercept is b0=6.840 Because the slope is positive, it can be concluded that one extra PFC purchase per week will increase the average amount of spending per week by 4.46 dollars. Predict…
- If you have a qualitative independent variable that can take on 4 possible values, how many indicator variables do you need to create? O 3 O 4 O 5 O 6Roads A, B, and C are the only way to escape from a certain provincial prison. Prison records show that, of the prisoners who tried to escape, 17% used road A, 13 % used road B, the remainder used road C. The records also indicate that 72 % of those who tried to escape using road A were captured. 62 % of those using road B were captured, and 21% of those using road C were captured. Use four decimals in your answers. (a) What is the probability that a prisoner escaping from this provincial prison is not captured? 0.65 (b) What is the probability that a captured prisoner used road A in their escape attempt? (c) What is the probability that a prisoner who didn't get captured has used road C?You are given thirteen identical- looking balls and a two-sided scale. One of the balls is of a different weight, although you don't know whether it's lighter or heavier. How can you use just three weighings of the scale to determine the different ball?
- The past records of a supermarket show that its customers spend an average of $110 per visit at this store. Recently the management of the store initiated a promotional campaign according to which each customer receives points based on the total money spent at the store, and these points can be used to buy products at the store. The management expects that as a result of this campaign, the customers should be encouraged to spend more money at the store. To check whether this is true, the manager of the store took a sample of 14 customers who visited the store. The following data give the money (in dollars) spent by these customers at this supermarket during their visits. 106.13 107.43 124.68 124.88 101.17 72.75 85.45 86.05 100.4 98.84 101.63 95.56 89.40 119.52 Assume that the money spent by all customers at this supermarket has a normal distribution. Using a 2.5% significance level, can you conclude that the mean amount of money spent by all customers at this supermarket after the…During his short stint as Shadow Finance Minister, Barnaby Joyce displayed a curious grasp of numbers. One of his most infamous exclamations was “All this billions, quillions, Brazilians.” Less well known was his tax-reform proposal, recommending that if you earn $x per day, you are taxed x% of that amount (with the understanding that you pay 100% tax if you earn $100 or more per day. Under Senator Barnaby’s plan, which amount x gives you the highest earnings after tax has been taken out?The Conch Café, located in Gulf Shores, Alabama, features casual lunches with a great view of the Gulf of Mexico. To accommodate the increase in business during the summer vacation season, Fuzzy Conch, the owner, hires a large number of servers as seasonal help. When he interviews a prospective server, he would like to provide data on the amount a server can earn in tips. He believes that the amount of the bill and the number of diners are both related to the amount of the tip. He gathered the following sample information. Customer Amount of Tip Amount of Bill Number of Diners Customer Amount of Tip Amount of Bill Number of Diners 1 $ 7.00 $ 48.97 5 16 $ 3.30 $ 23.59 2 2 4.50 28.23 4 17 3.50 22.30 2 3 1.00 10.65 1 18 3.25 32.00 2 4 2.40 19.82 3 19 5.40 50.02 4 5 5.00 28.62 3 20 2.25 17.60 3 6 4.25 24.83 2 21 5.50 44.47 4 7 0.50 6.24 1 22 3.00 20.27 2…
- A survey of volleyball players found that 15 ran a mile every day, 10 lifted weights every day, and 3 did both. How many did at least one of these forms of exercise every day?A group of 110 people, who lived at varying distances (in kilometers) from the 3 kilometer island nuclear power station, were asked if they thought a full evacuation of the area was required, when it went critical. The researches wanted to know if the opinion to evacuate or not depended on how far from the reactor people lived. The people were divided into 5 categories, based on the distance to the power station. Each person was given 3 choices: evacuation was needed, evacuation was not needed, they did not care about it. Evacuation needed x x x x -.. .-. --. Evacuation not needed X x x X X Do not care X x x X ... You are doing a Chi Square test for independence. Compute the degrees of freedom for this test.A teacher was listening to some of her students talk about how many SnapChats they send during the day. The teacher decided that she wanted to conduct a study to see if the number of SnapChats a student sends per day affects how much time students talk to their friends face-to-face. So, the teacher let her 2nd period class continue sending Snaps as they always have. Then, the teacher told her 5th period that they were to not watch use SnapChat for a whole day. Then, the teacher had students record how many conversations they had with their friends during the week, gathered the data, and analyzed the results. c. What was the research question?