Answer
The answer and procedures of the exercise are attached in a microsoft excel document.
Explanation
Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.
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Answer:
There is a 10% chance of the mean oil-change time of 20.53 minutes
Explanation:
Given that:
There are 45 oil changes between 10
a.m. and 12 p.m. treating this as a random sample, n = 45 and there would be a 10% chance of the mean oil-change time, therefore P = 10% = 0.1
A probability of 0.1 gives a corresponding z score of -1.28, this is gotten from the z table. z = -1.28
z score (z) = (x - mean) / (standard deviation / √n)
Let us assume mean = 21.2 minutes and standard deviation = 3.5 minutes. substituting values:
-1.28 = (x - 21.2)/(3.5 ÷ √45)
-1.28 = (x - 21.2) / 0.522
x - 21.2 = -0.6678
x = 21.2 - 0.6678 = 20.53
x = 20.53
Answer:
They should make sure it's not like someone else's?
Explanation:
i don't know what you mean by this.
Answer:
monopolistically competitive industry.
Explanation:
this Asian restaurant is likely operating a monopolistically competitive industry. This kind of market structure is a combination of monopoly and competitive market. as it offers products and services which one similar. Also the question says that it has some barriers to entry, which is a characteristic of monopolistically competitive industry. Also goods are similar but not differentiated
