Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

problem: (Anderson, Sweeney, and Williams, 11th ed, 9.4)

Since of high production-changeover time and costs, a director of manufacturing must convince management that a proposed manufacturing technique reduces costs before the new technique can be implemented. The current production technique operates with a mean cost of $220 per hour. A research study will measure the cost of the latest method over a sample production period.

a) Develop the null and alternative hypotheses most suitable for this study.
b) Comment on the conclusion when H0 can’t be rejected.
c) Comment on the conclusion when H0 can be rejected.

problem: (Anderson, Sweeney, and Williams, 11th ed, 9.8)

Assume that a new production technique will be implemented if a hypothesis test supports the conclusion that the new method decreases the mean operating cost per hour.

a) State the suitable null and alternative hypotheses if the mean cost for the current production technique is $220 per hour.
b) What is the Type I error in this situation? What are the effects of making this error?
c) What is the Type II error in this situation? What are the effects of making this error?

problem: (Anderson, Sweeney, and Williams, 11th ed, 9.20)

For United States, the mean monthly Internet bill is $32.79 per household (CNBC, January 18, 2006). The sample of 50 households in a southern state showed a sample mean of $30.63. Use a population standard deviation of   = $5:60:

a) Formulate hypotheses for a test to find out whether the sample data support the conclusion that the mean monthly Internet bill in the southern state is less than the national mean of $32.79.
b) Determine the value of the test statistic?
c) What is p-value?
d) At α = .01, what is your conclusion?

problem: (Anderson, Sweeney, and Williams, 11th ed, 9.34)

Joans Nursery specializes in custom-designed landscaping for residential areas. The estimated labor cost related with a particular landscaping proposal is based on the number of plantings of trees, shrubs and so forth to be used for the project. For cost-estimating purposes, managers use 2 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).

1.7, 1.5, 2.6, 2.2, 2.4, 2.3, 2.6, 3.0, 1.4, 2.3

With a .05 level of significance, test to see whether the mean tree-planting time differs from two hours.

a) State the null and alternative hypotheses.
b) find out the sample mean.
c) find out the sample standard deviation.
d) Determine the p-value?
e) What is your conclusion?

problem: (Anderson, Sweeney, and Williams, 11th ed, 9.45)

Many investors and financial analysts believe the Dow Jones Industrial Average (DJIA) offers a good barometer of the overall stock market. On January 31, 2006, 9 of the 30 stocks making up the DJIA increased in price (The Wall Street Journal, February 1, 2006). On the basis of this fact, a financial analyst claims we can suppose that 30% of the stocks traded on the New York Stock Exchange (NYSE) went up the same day.

a) Formulate null and alternative hypotheses to test the analysts claim.
b) The sample of 50 stocks traded on the NYSE that day showed that 24 went up. What is your point estimate of the population proportion of stocks that went up?
c) Conduct your hypothesis test using α = .01 as the level of significance. What is your conclusion?

problem: (Anderson, Sweeney, and Williams, 11th ed, 10.8)

Will improving customer service result in higher stock prices for the companies providing the better service? When a company’s satisfaction score has enhanced over the prior year’s results and is above the national average (currently 75.7), studies show its shares have a good chance of out-performing the broad stock market in the long run (Business- Week, March 2, 2009). The following satisfaction scores of three companies for the 4th quarters of 2007 and 2008 were obtained from the American Customer Satisfaction Index. Suppose that the scores are based on a poll of 60 customers from each company. Since the polling has been done for several years, the standard deviation can be supposed to equal 6 points in each case.

Company        2007 Score    2008 Score
Rite Aid           73                   76
Expedia           75                   77
J.C. Penney     77                    78

a) For Rite Aid, is the increase in the satisfaction score from 2007 to 2008 statistically significant?
Use α = .05. What can you conclude?
b) Can you conclude that the 2008 score for Rite Aid is above the national average of 75.7? Use α = .05
c) For Expedia, is the increase from 2007 to 2008 statistically significant? Use α = .05
d) When conducting a hypothesis test with the values provided for the standard deviation, sample size, and, how large must the increase from 2007 to 2008 be for it to be statistically important?
e) Use the result of part (d) to state whether the increase for J.C. Penney from 2007 to 2008 is statistically important.

problem: (Anderson, Sweeney, and Williams, 11th ed, 10.17)

Periodically, Merrill Lynch customers are asked to evaluate Merrill Lynch financial consultants and services. The higher ratings on the client satisfaction survey point out better service, with 7 the maximum service rating. Independent samples of service ratings for two financial consultants are summarized here. The consultant A has 10 years of experience, while consultant B has 1 year of experience. Use α = .05 and test to see whether the consultant with more experience has the higher population mean service rating.

443_service rating.jpg

a) Define the null and alternative hypotheses.
b) find out the value of the test statistic.
c) Determine the p-value?
d) What is your conclusion?

problem: (Anderson, Sweeney, and Williams, 11th ed, 10.27)

The manufacturer produces both a deluxe and a standard model of an automatic sander designed for home use. Selling prices obtained from a sample of retail outlets follow.

Retail Outlet   Deluxe    Standard
1                      39            27
2                      39            28
3                      45            35
4                      38            30
5                      40            30
6                      39            34
7                      35           29

a) The manufacturer’s suggested retail prices for the two models show a $10 price differential. Use α = .05 level of significance and test that the mean difference between the prices of the two models is $10.

b) What is the 95% confidence interval for the difference among the mean prices of the two models?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9317
  • Price:- $60

Guranteed 36 Hours Delivery, In Price:- $60

Have any Question? 


Related Questions in Microeconomics

Assignmentyou will submit your second comprehensive summary

Assignment You will submit your second comprehensive summary (4-5 pages) regarding your final progress report. If you are still in your original business, what lessons did you learn? If not, what went wrong? What improve ...

Question 1 the agrizone corporation invests 140140 million

Question 1. The Agrizone Corporation invests $14.014.0 million in a new inventory tracking system. A. The opportunity cost of Agrizone's decision is the value of leaving the money unutilized. B. The opportunity cost of A ...

Question 1 a scatter diagram is useful to determine if a

Question 1. A scatter diagram is useful to determine if a relationship exists between two variables. True False Question 2. Consider the following gasoline data: Quarter 1, Year 1, Year 2 1, 150, 156 2, 140, 148 3, 185, ...

Assignment questionsque1 why validation of the software

Assignment Questions: Que.1 Why validation of the software requirement is necessary? List some conditions that should be checked in the validation phase of software requirement. Que.2 Six Sigma is used to reduce the defe ...

Project-listen to this video asafter you work on your graph

Project- Listen to this video as/after you work on your graph. The lecture is on the 'Aftermath of the Financial Crisis' given by Ben Bernanke in March 29 th 2012. https://www.c-span.org/video/?305198-1/ben-bernanke-lect ...

Topic minimum wage workers who actually are minimum wage

Topic: Minimum wage workers _ Who actually are minimum wage workers? _ What are the profites of raising minimum wage? _ What are the con's of raising minimum wage? _ What in your opinion should we do about minimum wage?

Assignmentresearch a company of your choosing that has

Assignment Research a company of your choosing that has global presence. The World's Most Reputable Companies website has a list of 100 multinational businesses with global presence. Feel free to pick a company from this ...

The economy is full employment now the government wants to

The economy is full employment. Now the government wants to change the composition of demand toward investment and away from consumption without, however, allowing aggregate demand to beyond full employment. What is requ ...

Assignment economics read the following case study and

ASSIGNMENT: ECONOMICS Read the following case study and answer the given question. THE MACROECONOMICS OF POVERTY REDUCTION: THE CASE STUDY OF BANGLADESH Adapted: Osmani, S.R; Mahmud, W; Sen, B; Dagdeviren, H; and Seth, A ...

Great depression economy paperwritten assignmentplease

Great depression , economy paper Written Assignment Please provide a comprehensive answer to the following two questions: 1) Which were the main causes of the Great Depression? 2) Why did the Great Depression last so lon ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro