An automotive repair shop has determined that the average service time on an automobile is 2 hours with a standard deviation of 32 minutes. A random sample of 64 services is selected
a. What is the probability that the sample of 64 will have a mean service time greater than 114 minutes?
b. Assume the population consists of 400 services. Determine the standard error of the mean.
a. 0.5080
b. 3.67
You might also like to view...
Which retail assortment strategy is utilized by a convenience store?
a. wide and deep b. deep and shallow c. narrow and shallow d. narrow and deep
_______________________________ occurs when an employer or a union goes through the motions of bargaining but does not sincerely try to reach an agreement.
Fill in the blank(s) with the appropriate word(s).
Virginia borrowed money from G & L Lending at 35% interest per year. The state maximum interest rate is 20% per year. Virginia defaulted on the loan. What amount can G& L collect from Virginia?
a. G & L will be able to collect the principal plus 20% interest per year. b. G & L will be able to collect the principal but not any interest. c. G & L will not be able to collect either the principal or interest. d. Any one of the above may be correct. The answer depends on the particular state law.
Texas Transport has five possible investment projects for the coming year. Each project is
indivisible. They are: Project Investment (million) IRR A $6 18% B $10 15% C $9 20% D $4 12% E $3 24% The firm's weighted marginal cost of capital schedule is 12 percent for up to $6 million of investment; 16 percent for between $6 million and $18 million of investment; and above $18 million the weighted cost of capital is 18 percent. The optimal capital budget is A) $28 million. B) $23 million. C) $18 million. D) $12 million.