Question;Question 1Lee & Associates is a marketing research firm that conducts phone surveys for clients. It charges clients a regular rate if telephone surveys can be completed within 15 min or less. If more time is required, a premium rate is charged. Lee has just signed up ABC as a client.(a) Based on past experiences with clients similar to ABC, Lee suspects that it should charge ABC a premium rate. Lee takes a sample of 36 surveys which had a mean of 16.5 min, assuming population standard deviation of 4 mins, and a test level of significance of 0.01, determine if Lee should charge ABC the premium rate using critical value approach. Clearly state hypothesis to be tested and conclusions.(b) What is the probability that Lee will end up charging ABC the regular rate if the actual mean time to conduct surveys for ABC is 17 min? ((c) Suppose Lee wants be 98.5% certain in correctly charging ABC the premium rate if the actual mean time to do a survey for ABC is 17.4 min. What is the number of surveys Lee will have to sample (round to whole samples)?Question 2You are doing a study about the amount of mortgage (in $1000) people have in Toronto (population 1) and Montreal. The following are two EXCEL outputs using a test significance level of 0.1.z-Test: Two Sample for MeansMeanKnown VarianceObservationsHypothesized MeanDifferencezP(Z<=z) one-tailz Critical one-tailP(Z<=z) two-tailz Critical two-tailz-Test: Two Sample forMeansToronto240.44441009121.3733410.0848231.2815520.1696461.644854Montreal220.714291447MeanKnown VarianceObservationsHypothesized MeanDifferencezP(Z<=z) one-tailz Critical one-tailP(Z<=z) two-tailz Critical two-tailToronto240.444441009Montreal220.7143144703.50526280.00022811.28155160.00045621.6448536(a) Determine if the there is a difference in the mean amount of mortgage between Toronto and Montreal. Use a p-value approach and test significance level of 0.001.(b) Determine if the mean amount of mortgage that people in Toronto is at least $12,000 more than in Montreal. Use critical value approach and test significance level of 0.1. Clearly state hypothesis to be tested and conclusions.(c) Provide a 99% confidence interval for the difference in mean mortgage between Toronto and Montreal.
Paper#61479 | Written in 18-Jul-2015Price : $25