ECON 250 Chapter Notes - Chapter 7: Inference, Standard Deviation, Confidence Interval

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Historically, the average waiting time spent in a queue on Friday afternoon at a bank's city branch was 10 minutes. To determine whether their new multi-queuing system constitutes an improvement, a random sample of 15 customers was taken and their waiting time recorded. The results are in the X1 column of the datafile P14.12. Assume the distribution of waiting times is normally distributed.

1. State the direction of the alternative hypothesis used to test whether there is an improvement in average waiting time. Type gt (greater than), ge (greater than or equal to), lt (less than), le (less than or equal to) or ne (not equal to) as required in the box.

2. Calculate the test statistic correct to three decimal places (hint: use Descriptive Statistics to calculated the standard deviation and sample mean).

3. Use Kaddstat to determine the p-value for the test correct to four decimal places.

4. Is the null hypothesis rejected for this test if a 10% level of significance is used? Type yes or no.

5. Disregarding your answer for 4, if the null hypothesis was rejected, could we conclude that the average waiting time has improved with the new queuing system? Type yes or no.

DATA FILE

Question 1

Which of the following approaches to understanding and predicting consumer behavior depends primarily on the knowledge and experience of a firm's employees and its suppliers?

Question 2

In which of the following situations would reliance on expert opinion as a basis for a managerial decision be most preferred?

Question 3

The approach to analyzing consumer behavior that asks consumers to rank and choose among different product attributes to reveal their relative valuation of different characteristics is called:

Question 4

All of the following are limitations of direct consumer surveys except:

Question 5

Which of the following approaches to understanding and predicting consumer behavior does not actually solicit any information from potential customers?

Question 6

Data collected on a sample of individuals with different characteristics at a specific point in time are called:

Question 7

Which of the following approaches to understanding and predicting consumer behavior provides the most insight into how consumers can be expected to respond in an actual market setting?

Question 8

An approach to analyzing consumer behavior in which consumer reaction to different prices is analyzed in a laboratory situation or a test market is called:

Question 9

Data collected on the same observation unit at a number of points in time are called:

Question 10

A measure of how much the coefficient would vary in regressions based on different samples is called:

Question 11

The test statistic used to test the hypothesis of whether a regression coefficient is significantly different from zero, holding all other independent variables constant, is called a(n):

Question 12

Regression analysis that analyzes the relationship between one dependent variable and several independent variables is called:

Question 13

The ratio of the regression coefficient to its standard error is called:

Question 14

The coefficient of determination will range between what values?

Question 15

The range of values in which we can be confident that the true regression coefficient lies within a given degree of probability is called a:

Question 16

The estimated regression equation is Y = 10 + 2.5X, if X =0 than the predicted value of Y is equal to