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##### BUS 308 Week 2 Problem Set Week Two

**Description**

solution

**Question**

The average salary of senior managers in the construction industry is $180,000 per year. Suppose we would like to take a sample of senior managers at a newly established company XYZ to see whether the mean annual salary is different from that of the industry.;a) State the null and alternative hypotheses.;b) suppose a sample of 40 senior managers at XYZ showed a sample mean annual salary of $170,000. Assume a population standard deviation of $30,000 with a = 0.05 as the value of significance, what is your conclusion?;Need to know whether this is a one tailed or two tailed step and how do you know that?;Need step by step breakdown so I can follow and study for exam please.;The time needed to drive from city A to city B is normally distributed with a mean of 180 minutes and standard deviation of 20 minutes.;a) what is the probability that a person will drive from city a to city b in three hours or more?;b) what is the probability that a person will drive from city a to city b in more than 140 minutes?;c) what is the probability that a person will drive from city a to city b in exactly three hours?;d) what is the probability that a person will drive from city a to city b in less than 2.5 hours?;Please answer with step by step directions and state formula being used.;In an effort to estimate the mean annual amount spent per customer for groceries at a particular supermarket data were collected for a sample of 100 households. The sample showed an average amount of $8,000. If the population standard deviation is $500;a) develop an 80% confidence interval estimate of the population mean annual amount spent;b) develop an 85% confidence interval estimate of the population mean annual amount spent;c) if the data were collected for a sample of 50 households rather than 100, develop an 85% confidence interval estimate of the population mean annual amount spent, assuming the population has a normal probability distribution.;what does is mean a normal probability distribution and how is it different from part a) and b).;step by step breakdown and formula used please.;Additional Requirements

Paper#30530 | Written in 18-Jul-2015

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