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Harlamova29_29 [7]
3 years ago
11

Suppose taxi fares from Logan Airport to downtown Boston is known to be normally distributed and a sample of seven taxi fares pr

oduces a mean fare of $22.31 and a 95% confidence interval of [$20.5051, $24.2091]. Which of the following statements is a valid explanation of the confidence interval.
A) 95% of all taxi fares are between $20.51 and $24.21.
B) We are 95% confident that a randomly selected taxi fare will be between $20.51 and $24.21.
C) The mean amount of a taxi fare is $22.31, 95% of the time.
D) We are 95% confident that the average taxi fare between Logan Airport and downtown Boston will fall between $20.51 and $24.21.
Business
1 answer:
lara31 [8.8K]3 years ago
6 0

Answer: D) We are 95% confident that the average taxi fare between Logan Airport and downtown Boston will fall between $20.51 and $24.21.

Explanation:

The Confidence interval allows one to speculate between which values the average of a population will be. In a 95% confidence interval, this means that we are 95% certain that the average value of a variable will be between the higher and lower limits set by the interval.

The 95% confidence interval here has an upper limit of  $24.2091 and a lower limit of $20.5051 for taxi fares from Logan Airport to downtown Boston. This means that with a 95% certainty, the taxi charge from Logan Airport to downtown Boston will be between these 2 charges so you can expect to pay an amount between them.

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Direct labor time (efficiency) variance= $22,000 favorable

Explanation:

<u>To calculate the direct labor efficiency variance, we need to use the following formula:</u>

Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate

Direct labor time (efficiency) variance= (3*8,000 - 22,000)*11

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8 0
2 years ago
Which of the following accounts are normally reported as current liabilities on a classified balance sheet?
IRISSAK [1]

Answer:

d. Income Taxes Payable and Salaries Payable

Explanation:

Current liabilities are short term obligations of an entity due for repayment within a period of 12 months.

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3 years ago
A firm has earnings before interest and taxes of $27,130, net income of $16,220, and taxes of $5,450 for the year. While the fir
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Answer:

The correct answer is e. -$4,940.

Explanation:

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6 0
3 years ago
_____ is observing a professional as they work to learn more about what they do
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What is the time of the slowest workstation in a production​ system?
GalinKa [24]

Correct/Complete Question:

What is the time of the slowest workstation in a production​ system?

A. utilization

B. bottleneck time

C. effective capacity

D. throughput time

Answer:

B, bottleneck time

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A bottleneck in a production system refers to a constraint in the production system where supply takes the longest time to meet up with demand for a particular good.

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Simply put, a bottleneck is a delay in time of one of the production process thereby slowing down the entire production system.

Cheers.

3 0
3 years ago
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