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- If a study determines the difference in average salary for subpopulations of people with blue eyes and people with brown eyes is NOT significant, then the populations of blue-eyed people and brown-eyed people are ________ different salaries. a) unlikely to have b) very unlikely to have c) guaranteed to have d) guaranteed to not haveA marketing research group conducting a telephone survey must contact at least 150 wives and 120 husbands. It costs P100 to make a daytime call and (because of higher labor costs) P150 to make an evening call. On average, daytime calls reach wives 30% of the time, husbands 10% of the time, and neither of these 60% of the time, whereas evening calls reach wives 30% of the time, husbands 30% of the time, and neither of these 40% of the time. Staffing considerations mean that daytime calls must be less than or equal to half of the total calls made. How many should be interviewed at each period to minimize the cost of completing the survey? fomulate the LP Model; identify the decision variables used in the model; and determine the optimal solution using graphical method.Suggest at least one consumer good or service for which in the last 10 to 15 years consumers preference has actually increased, and still, the price has decreased. Than discuss the possible reasons for the decrease in the price of the suggested good or service.
- The University is considering changing the email system that they currently use. Since there are substantial learning costs associated with any new software, the University only wants to change to the new system if it is very confident that there is at least a 20% difference in the proportion of faculty and staff who say they like the new system. In a sample of 131 users of the current system, the University finds that 66 say they like the current system. In another sample of 91 experimental users of the “new” system, the University finds that 75 of them like the new system. When testing the hypothesis (using a 5% level of significance) that there is at least a 20% difference in the proportion of users who like the two systems, what is the test statistic? (please round your answer to 2 decimal places)Consider the market depicted in the graph and assume the government imposes a price floor of P2. At P2, 150 units of the good are supplied (wish to be sold) and 50 units of the good are demanded (wish to be bought). Choose the correct ones: Without an enforcement mechanism, the effect of a binding price floor will be negligible because it will simply be ignored because buyers and sellers enrich themselves by trading below the floor price. With an enforcement mechanism, the effect of a binding price floor may still be negligible if the enforcement mechanism is easy to evade or doesn't impose a significant penalty for selling below the price floor. Without an enforcement mechanism, the effect of a binding price floor will be negligible because it will simply be ignored because buyers and sellers enrich themselves by trading above the floor price. With an enforcement mechanism, the effect of a binding price floor may still be negligible if the enforcement mechanism is easy to evade or…The University is considering changing the email system that they currently use. Since there are substantial learning costs associated with any new software, the University only wants to change to the new system if it is very confident that there is at least a 20% difference in the proportion of faculty and staff who say they like the new system. In a sample of 140 users of the current system, the University finds that 75 say they like the current system. In another sample of 85 experimental users of the “new” system, the University finds that 72 of them like the new system. When testing the hypothesis (using a 5% level of significance) that there is at least a 20% difference in the proportion of users who like the two systems, what is the null and alternative hypothesis?
- A group of medical professionals is considering theconstruction of a private clinic. If the medical de-mand is high (i.e., there is a favorable market for theclinic), the physicians could realize a net profit of$100,000. If the market is not favorable, they couldlose $40,000. Of course, they don’t have to proceedat all, in which case there is no cost. In the absenceof any market data, the best the physicians can guessis that there is a 50–50 chance the clinic will be suc-cessful. Construct a decision tree to help analyze thisproblem. What should the medical professionals do?The University is considering changing the email system that they currently use. Since there are substantial learning costs associated with any new software, the University only wants to change to the new system if it is very confident that there is at least a 20% difference in the proportion of faculty and staff who say they like the new system. In a sample of 120 users of the current system, the University finds that 65 say they like the current system. In another sample of 90 experimental users of the “new” system, the University finds that 70 of them like the new system. When testing the hypothesis (using a 5% level of significance) that there is at least a 20% difference in the proportion of users who like the two systems, the p-value is .2943; what is your conclusion concerning the null hypothesis? Reject the null hypothesis Fail to reject the null hypothesisData on the 4000 largest mutual funds shows which funds provided a high 5-year return and a high 10-year return. Of the 4000 mutualfunds surveyed, 3000 funds had a high 5-year return, 2000 had a high 10-yearreturn, and 1500 had both a high 5-year return and a high 10-year return Given that a mutual fund had a high 5-year return, what is theprobability of a mutual fund having a high 10-year return?
- Suppose that the sale of particular items is poison with mean 5. Generate 20 days of sales by the Monte-Carlo method.The television show Lett3rs has been successful for many years. That show recently had a share of 19, which means, that among the TV sets in use, 19% were tuned to Lett3rs. An advertiser wants to verify that 19% share value by conducting its own survey, and a pilot survey begins with 10 households have TV sets in use at the time of a Lett3rs broadcast. If at most one household is tuned to Lett3rs, does it appear that the 19% share value is wrong? (Hint: Is the occurrence of at most one household tuned to Lett3rs unusual?) A. no, it is not wrongB. yes, it is wrongThe editor of a textbook publishing company is trying to decide whether to publish a proposed business statistics textbook.Information on previous textbooks published indicates that 20% are huge successes, 40% are moderate successes, 30% are break even, and 10% are losers. However, before a publishing decision is made, the book will be reviewed. In the past, 80% of the huge successes received favorable reviews, 60% of the moderate successes received favorable reviews, 40% of the break-even books received favorable reviews, and 20% of the losers received favorable reviews. If the proposed textbook receives a favorable review, how should the editor revise the probabilities of the four outcomes to take this information into account? What proportion of textbooks receives favorable reviews?