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Question 3: Statistical Inference 15. The mean service time at the McDonalds in Kennedy Town is 3 minutes. Assume the service time follows an exponential distribution. The standard deviation of the population is 3 minutes. You observe service times for a random sample of 49 customers at the McDonalds. What is the probability that the sample mean is more than 4 minutes? 16. A procurement manager at Best Buy wants to find out the population mean monthly sales of 4K TV at stores in the Midwest. Best Buy's current inventory policy is set under the assumption that 25 4K TVs are sold in a month on average. A sample of 49 stores was selected, and it was found that the sample mean is 19 with a sample standard deviation of 7. Does the sample data suggest that Best Buy needs to revise its inventory policy? Test at the a = .05 significance level.

Question 3: Statistical Inference 15. The mean service time at the McDonalds in Kennedy Town is 3 minutes. Assume the service time follows an exponential distribution. The standard deviation of the population is 3 minutes. You observe service times for a random sample of 49 customers at the McDonalds. What is the probability that the sample mean is more than 4 minutes? 16. A procurement manager at Best Buy wants to find out the population mean monthly sales of 4K TV at stores in the Midwest. Best Buy's current inventory policy is set under the assumption that 25 4K TVs are sold in a month on average. A sample of 49 stores was selected, and it was found that the sample mean is 19 with a sample standard deviation of 7. Does the sample data suggest that Best Buy needs to revise its inventory policy? Test at the a = .05 significance level.

MATLAB: An Introduction with Applications
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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Question 3: Statistical Inference 15. The mean service time at the McDonalds in Kennedy Town is 3 minutes. Assume the service time follows an exponential distribution. The standard deviation of the population is 3 minutes. You observe service times for a random sample of 49 customers at the McDonalds. What is the probability that the sample mean is more than 4 minutes? 16. A procurement manager at Best Buy wants to find out the population mean monthly sales of 4K TV at stores in the Midwest. Best Buy's current inventory policy is set under the assumption that 25 4K TVs are sold in a month on average. A sample of 49 stores was selected, and it was found that the sample mean is 19 with a sample standard deviation of 7. Does the sample data suggest that Best Buy needs to revise its inventory policy? Test at the a = .05 significance level.
Transcribed Image Text:Question 3: Statistical Inference 15. The mean service time at the McDonalds in Kennedy Town is 3 minutes. Assume the service time follows an exponential distribution. The standard deviation of the population is 3 minutes. You observe service times for a random sample of 49 customers at the McDonalds. What is the probability that the sample mean is more than 4 minutes? 16. A procurement manager at Best Buy wants to find out the population mean monthly sales of 4K TV at stores in the Midwest. Best Buy's current inventory policy is set under the assumption that 25 4K TVs are sold in a month on average. A sample of 49 stores was selected, and it was found that the sample mean is 19 with a sample standard deviation of 7. Does the sample data suggest that Best Buy needs to revise its inventory policy? Test at the a = .05 significance level.
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