Business Statistics
1a. It is reported that a graduate with bachelor’s degree in business received an average starting salary of $53,900 in 2012. In 2013, the results of a sample of 100 business majors with a bachelor’s degree showed a mean starting salary of $55,144 with a sample standard deviation of $5200. Is there evidence that average starting salaries of business majors has increased since 2012? Use alpha = 0.01
(1b). Develop a 95% confidence interval estimate for the true population mean starting salary of business majors.
Mileage tests are conducted on a model of car. If a 90% confidence interval with a margin of error = 1.8 miles per gallon is desired, how many cars should be tested? use pop standard deviation equal 9.5 miles per gallon.
At Western University, the historical proportion of students that receive a partial scholarship is 51%. This year, the dean conducted a study of 200 freshmen and found 104 received a partial scholorship. Is there evidence that the proportion of students who receive a partial scholarship has increased? Use alpha = 0.05. Solve using the p-value method.
Mars, Inc. candy company claims the overall proportions for the colors of M&M’s are: .24 blue, .13 brown, .20 green, .16 orange, .13 red, and .14 yellow. You buy a large bag of M&M’s and observe the following counts: 105 blue, 72 brown, 89 green, 84 orange, 70 red, 80 yellow. At the 0.05 level of significance, is there evidence that the overall proportions for the colors are as stated above?
A supermarket is redesigning it’s checkout lanes. Design A has a sample size of 50, sample mean of 4.1 minutes, and sample standard deviation of 2.2 minutes. Design B has a sample size of 50, sample mean of 3.5 minutes, and sample standard deviation of 1.5 minutes. At the 0.05 level of significance, determine if their is evidence that the checkout times of the two systems differ.
The Association for Home Builders provided data on the cost of the two most popular home remodeling projects. Below is the costs in thousands of dollars. Find the differences in the costs of remodeling the kitchen and the master bedroom. Is there evidence of a significant difference between the population mean remodeling costs of the two types of projects? (alpha = .05)
Kitchen
Master Bedroom
25.2
18.0
17.4
22.9
22.8
26.4
21.9
24.8
19.7
26.9
23.0
17.8
19.7
24.6
16.9
21.0
21.8
20.0
23.6
22.0
7.
Three U.S. cities have the highest percentage of millionaires. The following data is from samples of individuals from each of the cities. At the 0.05 level of significance, is there evidence that the population proportion of millionaires in these three cities is not equal?
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