4. (17 points) You have a food cart. Your daily revenue is normally distributed with a mean of $5...
You have a falafel cart and you sell falafel every weekday near Washington Square Park during lunch time. Your daily revenue is normally distributed with a mean of $200 and a standard deviation of $50. (a) Suppose there is another location that might be worth switching to. You plan to experiment with selling there for awhile, and then use a hypothesis test to determine whether you should switch. If the new location has a normally distributed revenue with a true...
The daily revenue at a university snack bar has been recorded for the past five years. Records indicate that the mean daily revenue is $1250 and the standard deviation is $500. The distribution is skewed to the right due to several high volume days (football game days) Suppose that 100 days are randomly selected and the average daily revenue computed Which of the following describes the sampling distnibution of the sample mean? O A. O B. normally distributed with a...
The daily sales of a certain variety store are approximately normally distributed with a mean of $10000 and a standard deviation of $2000. What is the probability that a random sample of 100 days will yield a mean greater than $9800?
If daily demand is normally distributed with a mean of 15 and standard deviation of 5, and lead time is constant at 7 days, a 95% service level will require how much safety stock? 10 units 13 units 17 units 22 units 8 units
If daily demand is normally distributed with a mean of 15 and standard deviation of 5, and lead time is constant at 4 days, a 90 percent service level (Z=1.29) will require how much safety stock? A. 7 units B. 10 units C. 13 units D. 16 units
The daily demand for Superco's grocery store for bananas is normally distributed with a mean of 60 and a standard deviation of 13.5. Superco's would like to keep a service level of 98%. Additionally, the lead time for new shipments of bananas is 9 days. What is the optimal reorder point for bananas at Superco? 652 612 624 426
Part A. Score on 25 point test is normally distributed with mean 22 and standard deviation 5. You took a sample of 9 students. The mean for this group is 19.111111 Test the hypothesis that the performance of this group is different than the regular group. Use α=.05. What is the alternative hypothesis? What is the rejection region? Calculated z What is your decision? Yes or no? You believe that the group from an honors and would perform better than...
IQ scores are normally distributed with a mean of 100 and a standard deviation of 15. A sample of 10 children in a gifted learner program are found to have a mean IQ of 106. Use a z-test to determine if this is significantly different from the normal population mean. What are your specific null and alternative hypothesis? Z=+ - 1.96 standard deviation m= 4.743 Z= 1.26 Will you reject or retain the null hypothesis? We will retain the null...
The daily demand for Superco's grocery store for bananas is normally distributed with a mean of 60 and a standard deviation of 13.5. Additionally, the lead time for new shipments of bananas is 5 days. Superco's prior service levels were unsustainable, so now the company wants to reorder to maximize profit. It costs Superco $0.05 per banana to purchase and the store sells the bananas for $0.20 each. Additionally, spoiled bananas are considered worthless. Unsold bananas can last for 2...
In a certain state, the mean daily amounts spent on lottery tickets is normally distributed with a mean of $9.50 and a standard deviation of $2.50. If 100 lottery customers are randomly selected, find the probability that they spend a mean daily amount more than $9.05. DON'T JUST WRITE THE FINAL ANSWER - YOU CAN EARN PARTIAL CREDIT IF IT IS INCORRECT IF YOUR RESPONSE IS DETAILED ENOUGH.