Chapter 6: Q26E (page 348)
Question: Let t0 be a specific value of t. Use Table III in Appendix D to find t0 values such that the following statements are true.
Short Answer
Answer
- True
- True
- True
- True
Chapter 6: Q26E (page 348)
Question: Let t0 be a specific value of t. Use Table III in Appendix D to find t0 values such that the following statements are true.
Answer
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Get started for freeOverbooking policies for major airlines.Airlines overbook flights to reduce the odds of flying with unused seats. An article in Transportation Research (Vol. 38, 2002) investigated the optimal overbooking policies for major airlines. One of the variables measured for each airline was the compensation (in dollars) per bumped passenger required to maximize future revenue. Consider the threshold compensation levels for a random sample of major airlines shown in the next table. Estimate the true mean threshold compensation level for all major worldwide airlines using a confidence interval. Interpret the result practically.
825 | 850 | 1,210 | 1,370 | 1,415 |
1,500 | 1,560 | 1,625 | 2,155 | 2,220 |
Minority ownership of franchises. According to a 2011 report for IFA Educational Foundation, 20.5% of all franchised businesses in the United States are minority owned. (This information is based on the U.S. Census Bureau’s survey of 27 million business owners.) Suppose that you obtain a sample of 100 franchised businesses located in Mississippi and find that 15 are owned by minorities. Does this result lead you to conclude that the percentage of minority-owned franchises in Mississippi is less than the national value of 20.5%? Explain.
Suppose N= 10,000, n= 2,000, and s= 50.
a. Compute the standard error of xusing the finite populationcorrection factor.
b. Repeat part a assuming n= 4,000.
c. Repeat part a assuming n= 10,000.
d. Compare parts a, b, and c and describe what happens to the standard error of xas nincreases.
e. The answer to part c is 0. This indicates that there is no sampling error in this case. Explain.
Calculate the finite population correction factor for each
of the following situations:
a. n = 50, N = 2,000
b. n = 20, N = 100
c. n = 300, N = 1,500
Shopping on Black Friday. The day after Thanksgiving— called Black Friday—is one of the largest shopping days in the United States. Winthrop University researchers conducted interviews with a sample of 38 women shopping on Black Friday to gauge their shopping habits and reported the results in the International Journal of Retail and Distribution Management (Vol. 39, 2011). One question was, “How many hours do you usually spend shopping on Black Friday?” Data for the 38 shoppers are listed in the accompanying table.
a. Describe the population of interest to the researchers.
b. What is the quantitative variable of interest to the researchers?
c. Use the information in the table to estimate the population mean number of hours spent shopping on Black Friday with a 95% confidence interval.
d. Give a practical interpretation of the interval.
e. A retail store advertises that the true mean number of hours spent shopping on Black Friday is 5.5 hours. Can the store be sued for false advertising? Explain.
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