Maryam Mohammad Amin Unit 6 Exercise.docx - Unit 6 Exercise By Maryam Mohammad Amin Due Date February 19th 2018 Course Code BUSI 1033 Statistics for

Maryam Mohammad Amin Unit 6 Exercise.docx - Unit 6 Exercise...

  • Yorkville University
  • BUSI 1013
  • Homework Help
  • maryammamin
  • 8
  • 100% (1) 1 out of 1 people found this document helpful

This preview shows page 1 - 4 out of 8 pages.

Unit 6 Exercise By: Maryam Mohammad Amin Due Date: February 19th , 2018 Course Code: BUSI 1033 ( Statistics for Business) Professor: Dr. Albert Wong
Image of page 1
1. Assume that data contained in the BUSI1013-Numerical Data A.xls file is from a simple random sample of customers of a Canadian retailer. Use this data to answer the following: ( 4 points ) a. Develop a point estimate of the mean number of transactions for the retailer. Number of transaction Number of Transactions 19 32 38 45 37 46 39 42 47 34 38 40 49 38 42 79 36 41 34 36 35 39 54 75 38 40 48 80 37 40 Total 1298 Point estimate of the mean number of transaction for the retailer is sample mean. Since E (sample mean)= Population mean X= 1298 30
Image of page 2
X= 43.27 b. Develop a point estimate of the population standard deviation of the number of transactions. ( x x ) 2 n 1 = 13.34 2. The average waiting time for customers at a fast food restaurant is 3.4 minutes. The population standard deviation is 2.5 minutes. ( 6 points ) a. Assume that the waiting time of customers at this restaurant follow a normal distribution, what is the probability that a simple random sample of 50 customers will have a sample waiting time of less than 3 minutes? Given: µ= 3.4 ¿ 2.5 n= 50 E(x)=µ: SD(x)= n = 2.5 50 = 0.35 P(x<3)=P ( z <− ¿ x E ( x ) SD ( x ) < 3 3.4 0.35 = P ¿ 1.32)=0.043 b. Do we need to make any assumption about the distribution of waiting times for the calculation in Part a? Why or why not? This sample mean follows normal distribution because the sample is taken random and the population distribution is normal and the population standard deviation is known c. What is the probability that a simple random sample of 100 customers will have a sample waiting time of less than 3 minutes?
Image of page 3
Image of page 4

You've reached the end of your free preview.

Want to read all 8 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture