A bank with a branch located in a commercial district of a city has the business objective of developing an improved process for serving customers during the noon-to-1 p.m. lunch period. Management decides to first study the waiting time in the current process. The waiting time is defined as the time that elapses from when the customer enters the line until he or she reaches the teller window. Data are collected from a random sample of 35 customers.
Suppose that another branch, located in a residential area, is also concerned with improving the process of serving customers in the noon-to-1 p.m. lunch period. Data are collected from a random sample of 40 customers. The obtained data from the two branches are stored.
At the 5% significance level, is there evidence of a difference in the
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- A friend of yours tells you that they heard that 65% of all college athletes end up losing a finger or toe in their college athletic career. You're highly skeptical of this, but your not sure if that percentage is an over exageration or an under exageration. You survey 101 former student-athletes and find that 60 of them lost a digit during their college athletic career. Is this enough evidence to conclude that the true percentage of student-athletes that lose a digit during their collegiate career is really different from 65%?arrow_forwardThe fitted line that results from regressions of the Single Index Model is called:a. The security specific line.b. The security characteristic line.c. The single index line.d. The security market line.arrow_forwardTourism is extremely important to the economy of Florida. Hotel occupancy is an often-reported measure of visitor volume and visitor activity (Orlando Sentinel, May 19, 2018). Hotel occupancy data for February in two consecutive years are as follows. Current Year 1,476 1,800 Occupied Rooms Total Rooms 1,422 1,800 a. Formulate the hypothesis test that can be used to determine whether there has been an increase in the proportion of rooms occupied over the one-year period. Let P₁= population proportion of rooms occupied for current year P2 population proportion of rooms occupied for previous year - P2 less than or equal to 0 greater than 0 Ho P1 Ha P1 P2 b. What is the estimated proportion of hotel rooms occupied each year (to 2 decimals)? Current year .80 X Previous Year .77 c. Conduct a hypothesis test. What is the p-value (to 4 decimals)? Use Table 1 from Appendix B. Previous Year p-value = 0.0166 Using a 0.05 level of significance, what is your conclusion? We can conclude that there…arrow_forward
- A bank branch located in a commercial district of a city has the business objective of developing an improved process for serving customers during the noon-to-1:00 P.M. lunch period. The waiting time, in minutes, is defined as the time the customer enters the line to when he or she reaches the teller window. Data are collected from a sample of 15 customers during this hour. Another bank branch, located in a residential area, is also concerned with the noon-to-1 P.M. lunch hour. The waiting times, in minutes, are also collected from a sample of 15 customers during this hour. Complete parts (a) through (c) below. The following is the list of time data gathered from the bank branch in the commercial district. 4.55 5.89 3.44 5.03 4.08 2.25 3.65 3.58 4.69 6.03 0.66 5.72 6.17 6.65 3.38 The following is the list of time data gathered from the bank branch in the residential district. 9.44 5.07 8.98 5.13 8.87 3.86…arrow_forwardA local West Lafayette commercial bank issues Mastercard credit cards. As a part of its annual review of the profitability of each type of credit card, the bank randomly samples 36 customers to measure the average annual charges per card. A random sample of 36 Mastercard accounts shows the following annual spending per account (in USD): 2869 3770 2854 2750 2574 2972 2549 3267 3013 2707 2794 1189 2230 2178 3032 3485 2679 2010 1994 2768 3853 2064 3244 2738 2807 2395 3405 3006 3368 2691 1996 3008 2518 2674 2730 3719 1. Based on these randomly sampled accounts, what is the best point estimate of the true mean annual spending for Mastercard account holders? 2. Develop a 95% confidence interval estimate of the mean annual spending. Interpret this range. 3. To encourage more use of the card, the company offers a promotion that costs the bank $5 for each card that carries a balance of $3,000 or more. If the bank has 50,000 total customers, what can be stated about the cost of this…arrow_forwardJoan's Nursery specializes in custom-designed landscaping for residential areas. The estimated labor cost associated with a particular landscaping proposal is based on the number of plantings of trees, shrubs, and so on to be used for the project. For cost-estimating purposes, managers use two hours of labor time for the planting of a medium-sized tree. Actual times from a sample of 10 plantings during the past month follow (times in hours). B, C, and Darrow_forward
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- The provided table shows the in-state undergraduate tuition in 2014 and 2018 for 33 public universities.Virginia's data was identified as an unusual observation. Remove it from the dataset before performing the following analysis.Year2014Year2018Year2014Year2018Year2014Year2018UniversityUniversityUniversityPenn State17,50218,454Ohio State10,03710,726Texas979810,606Pittsburgh17,77219,080Virginia12,99817,564Nebraska80709154Michigan13,48615,262Cal-Davis15,58914,463lowa80799267Rutgers14,29714,974Cal-Berkeley12,97214,184Colorado10,78912,532Michigan StateCal-Irvine14,75715,614Iowa State7731898813,81314,460Purdue10,0029992North Carolina83468987Maryland942710,595Illinois15,02015,094Cal-San Diego13,45614.199Kansas10,44811,148Minnesota13,62614,693Oregon991811.898Arizona10,95712,487Missouri11,02112,055Wisconsin10,41010,555Florida63136381Buffalo887110,099Washington12,39411,517Georgia Tech11,39412,424Indiana10,38810,681UCLA13,02913,774Texas A&M917910,968Click to download the data in your…arrow_forwardSleep apnea is a condition in which the sufferers stop breathing momentarily while they are asleep. This condition results in lack of sleep and extreme fatigue during waking hours. A current estimate is that 11.911.9 million out of the 312.7312.7 million Americans suffer from sleep apnea, or approximately 3.8%3.8%. A safety commission is concerned about the percentage of commercial truck drivers who suffer from sleep apnea. They do not have any reason to believe that it would be higher or lower than the population’s percentage. To test the claim that the percentage of commercial truck drivers who suffer from sleep apnea is not 3.8%3.8%, a simple random sample of 347347 commercial truck drivers is examined by a medical expert, who concludes that 66 suffer from sleep apnea. Does this evidence support the claim that the percentage of commercial truck drivers who suffer from sleep apnea is not 3.8%3.8%? Use a 0.020.02 level of significance. Step 3 of 4 : Find the p-value. Round…arrow_forwardHow do the average weekly incomes of electricians and carpenters compare? A random sample of 17 regions in the United States gave the following information about average weekly income (in dollars). (Reference: U.S. Department of Labor, Bureau of Labor Statistics.) Region 1 2 3 4 5 6 7 8 9 Electricians 464 715 597 464 736 694 744 571 806 Carpenters 542 813 513 476 688 503 789 653 474 Region 10 11 12 13 14 15 16 17 Electricians 592 594 702 579 868 598 597 654 Carpenters 489 647 676 384 817 605 556 505 Does this information indicate a difference (either way) in the average weekly incomes of electricians compared to those of carpenters? Use a 5% level of significance. (a) What is the level of significance? (b) Compute the sample test statistic. (c) Find the P-value of the sample test statistic.arrow_forward
- A First Course in Probability (10th Edition)ProbabilityISBN:9780134753119Author:Sheldon RossPublisher:PEARSON