Practice Test 1 QMB 3200 - 1 A certain manufacturer is...

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1A certain manufacturer is interested in evaluating two alternative manufacturingplans consisting of different machine layouts. Fifty eight consecutive working dayswere selected and each plan was monitored and the number of items produced eachday was recorded. Some of the collected data is shown below:DAYPLAN 1 OUTPUTPLAN 2 OUTPUT11234 units1311 units21355 units1366 units31300 units1289 units......Which of the following confidence intervals would indicate that Plan 2 produces a higheraverage output than Plan 1?Assume we are comparing (Plan 1 – Plan 2)a.(-25.6, -2.6)b.(-3.5, 85.6)c.(45.3, 55.6)d.(-10.5, 36.5)
2-4A consumer product magazine recently ran a story concerning the price ofincreasing price of DVD players. The stores stated that DVD prices dipped in themid 1990s but now are beginning to increase in price because of added features.According to the story, the average price of a DVD in 1992 was $215.00.Use theSTATISTIX print out shown below to answer the following questions regarding thisstoryOne-Sample T TestNull Hypothesis: mu = 215Alternative Hyp: mu > 21595% Conf IntervalVariableMeanSELowerUpperTDVD_Price245.2315.620-2.256762.7111.9421Cases Included 22Missing Cases 02.What assumption must be satisfied in order for these results to be valid?DFP0.0333
3.Use the p- value given above to determine which of the following conclusions is correct
4.Is a sample size n=22 large enough to utilize the central limit theorem in this inferentialprocedure?
5-7It was desired to test to determine if the mean high price of all NASDAQ stocksdiffers from $20.00.STATISTIX was used to produce the following output (similarto the one you produced on your projects):One-Sample T TestNull Hypothesis: mu =20Alternative Hyp: mu <> 2095% Conf IntervalVariableMeanSELowerUpperTHigh31.9625.45200.733023.1902.1915Cases Included 16Missing Cases 0DFP0.0377

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Term
Spring
Professor
Sincich
Tags
Normal Distribution, sufficient evidence, insufficient evidence, mean age, mean high price

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