ECO45 Choi Review Session for Final (1)

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Economics

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Jan 9, 2024

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Fall 2023 ECO 045 Sections 011/012 (Choi) Review Session for the Final Exam Sunday, December 9th This review session will focus on the topics covered after the second midterm. Make sure to review the topics from the two midterms. Office hours schedule: Monday, 3-4:30 PM, and Tuesday, 10-11:30 AM.
1. (Ch. 10 Supplementary Exercise #38) Supermarket Checkout Lane Design. Safegate Foods, Inc., is redesigning the checkout lanes in its supermarkets throughout the country and is considering two designs. Tests on customer checkout times conducted at two stores where the two new systems have been installed result in the following summary of the data. Test at the .05 level of significance to determine whether the population mean checkout times of the two systems differ. Which system is preferred?
2. (Ch. 10.2 #14) Salaries of Recent College Graduates. The Tippie College of Business obtained the following results on the salaries of a recent graduating class: a. Formulate hypothesis so that, if the null hypothesis is rejected, we can conclude that salaries for Finance majors are significantly lower than the salaries of Business Analytics majors. Use α=.05 . Finance Majors Business Analytics Majors Sample Size 110 30 Sample mean 48,537 55,317 Sample Std. Dev. 18,000 10,000
2. (Ch. 10.2 #14) Salaries of Recent College Graduates. The Tippie College of Business obtained the following results on the salaries of a recent graduating class: b. What is the value of the test statistic? Finance Majors Business Analytics Majors Sample Size 110 30 Sample mean 48,537 55,317 Sample Std. Dev. 18,000 10,000
2. (Ch. 10.2 #14) Salaries of Recent College Graduates. The Tippie College of Business obtained the following results on the salaries of a recent graduating class: c. What is the p-value? Finance Majors Business Analytics Majors Sample Size 110 30 Sample mean 48,537 55,317 Sample Std. Dev. 18,000 10,000
2. (Ch. 10.2 #14) Salaries of Recent College Graduates. The Tippie College of Business obtained the following results on the salaries of a recent graduating class: d. What is your conclusion? Finance Majors Business Analytics Majors Sample Size 110 30 Sample mean 48,537 55,317 Sample Std. Dev. 18,000 10,000
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