1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
LekaFEV [45]
2 years ago
10

An urban economist wishes to estimate the mean amount of time people spend travelling to work. He obtains a random sample of 60

individuals who are in the labour force and finds that the mean travel time is 30.5 minutes. Assuming that the population standard deviation of travel time is 20.5 minutes, construct and interpret a 90% confidence interval for the mean travel time to work. (Note: the standard deviation is large, because some people work at home and thus travel 0 minutes and some people take transit which results in large travel times).
Business
1 answer:
Strike441 [17]2 years ago
7 0

Answer:

An urban economist wishes to estimate the mean amount of time people spend traveling to work. He obtains a random sample of 50 individuals who are in the labor force and finds that the mean travel time is 24.2 minutes. Assuming the population standard deviation of travel time is 18.5 minutes, construct and interpret a 95% confidence interval for the mean travel time to work. Note: The standard deviation is large because many people work at home (travel time =0 minutes) and many have commutes in excess of 1 hour. (Source: Based on data obtained from the American Community Survey.)

Explanation:

An urban economist wishes to estimate the mean amount of time people spend traveling to work. He obtains a random sample of 50 individuals who are in the labor force and finds that the mean travel time is 24.2 minutes. Assuming the population standard deviation of travel time is 18.5 minutes, construct and interpret a 95% confidence interval for the mean travel time to work. Note: The standard deviation is large because many people work at home (travel time =0 minutes) and many have commutes in excess of 1 hour. (Source: Based on data obtained from the American Community Survey.)

You might be interested in
Radovilsky Manufacturing Company, in Hayward, California, makes flashing lights for toys. The company operates its production fa
Anna007 [38]

Answer:

Given,

Annual demand, D = 12500,

Setting up cost, S = $ 49,

Production rate per year, P =  production facility × capability of production = 300 × 105 = 31500,

Holding cost per year, H = $ 0.15,

Hence,

(i) Optimal size of the production run,

Q = \sqrt{\frac{2DS}{H(1-\frac{D}{P})}}=\sqrt{\frac{2\times 12500\times 49}{0.15(1-\frac{12500}{31500})}}=3679.60238126\approx 3680

(ii) Average holding cost per year,

=\frac{QH}{2}(1-\frac{D}{P})

=\frac{3680\times 0.15}{2}(1-\frac{12500}{31500})

=166.476190476

\approx \$ 166.48

(iii) Average setup cost per year,

=\frac{D}{Q}\times S

=\frac{12500}{3680}\times 49

=166.44021739

\approx \$ 166.44

(iv) Total cost per year = average setup cost per year + average holding cost per year + cost to purchase 12500 lights

= 166.44 + 166.48 + 12500(0.95)

= $ 12207.92

7 0
3 years ago
Houston Fashions is considering a new product line that would require an investment of $ 140,000 in fixtures and displays and $
steposvetlana [31]

Answer:

4.88 years

other methods should be used because payback method does not account for the time value of money

Explanation:

6 0
3 years ago
Imprudential, Inc., has an unfunded pension liability of $800 million that must be paid in 24 years. To assess the value of the
Anon25 [30]

Answer:

101.12 million

Explanation:

<em>The present value of a future cash flow is the amount that can be invested today at a particular rate for a certain number of years to have the future cash flow </em>

The present value of the liability

= FV × (1+r)^(-n)

= 800  × (1.09)^(-24)

= 101.12 million

The present value of this liability= 101.12 million

7 0
3 years ago
Read 2 more answers
Which of these statements are true about the MIC card? Select all that apply Taco Bell Service Course A. It demonstrates how to
Mandarinka [93]

Answer:

C. It sets the priorities for your shift

Explanation:

  • MIC card give ability to communicate the results of team and helps in making arrangements for the shifts. It also helps in scheduling goals.
3 0
3 years ago
W gave w's age as 50 when w purchased a life policy. at the time of w's death seven years later, the company discovered w's true
kvasek [131]

The normal procedure under the misstatement of age provision in regard to the payment of the death claim is that the procedure would be reduced based on the premium in which whatever it would have been if this has been purchased at the age of fifty nine years old.

<span />
3 0
3 years ago
Read 2 more answers
Other questions:
  • If you take $100 out of your piggy bank and deposit it in your checking account, how did M1 change? Did M2 change? Assuming that
    14·1 answer
  • which of the following statements about taxes is FALSE? A-Taxes are collected a the local, state and federal level. B-Some state
    11·2 answers
  • Do you know if i subscribe to Bubble Nugget from YT would i become the best person in the world?
    6·1 answer
  • Supporters of rent control say that it _____ the price of renting an apartment.
    8·1 answer
  • Examine transnet in terms of the characteristics of a monopoly
    14·1 answer
  • How much does the government spend on welfare?
    9·1 answer
  • How do you explain the fact that in the business world basically good people sometimes act immorally?
    14·1 answer
  • It is now January 1, 2013, and you are considering the purchase of an outstanding bond that was issued on January 1, 2011. It ha
    15·1 answer
  • How ethics and profit are interrelated ?
    7·1 answer
  • Mount Snow Inc. operates a Rocky Mountain ski resort. The company is planning its lift ticket pricing for the coming ski season.
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!