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.
Point estimate of the mean number of transaction for the retailer is
samplemean.Since
E
sample mean)=Populaion mean
Mean number of transaction for the retailer = x = 1298/30 = 43.26667
b.
Develop a point estimate of the population standard deviation of the number of
transactions.
The point estimate of the population standard deviation of the number of transactions
is 13.33374
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?
E =
0.284
P =
0.0392
b.
Do we need to make any assumption about the distribution of waiting times for the
calculation in Part a? Why or why not?
No. The sample is taken random and the population distribution is normal and the
population standard deviation is known. So the sample mean follows normal
distribution.
c.
What is the probability that a simple random sample of 100 customers will have a
sample waiting time of less than 3 minutes?

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- Winter '15
- Statistics, Normal Distribution, Standard Deviation