Business Question

Los Angeles County Telephone Company claims in its annual report that “the typical customer spends $62 per month on local and long-distance service.” A sample of 13 subscribers revealed the following amounts spent last month. $64 $66 $64 $66 $59 $62 $67 $61 $64 1. What is the point estimate of the population mean? 2. Develop a 98% confidence interval for the population mean. 3. Is the company’s claim that the “typical customer” spends $62 per month reasonable? Justify your answer. stify your answer. $58 $54 $66 $69 In 2023, Ventura Country Star Newspaper reported that the mean fa A random sample of round-trip discount fares on this route last mont At the 0.06 significance level, can we conclude that the mean fare ha Amount 390 386 390 430 370 350 370 500 369 465 467 388 381 400 360 410 398 358 421 398 ed that the mean fare to fly from Santa Barbara to San Francisco on a discoun ncisco on a discount ticket using JetBlue was less than or equal to $365. equal to $365. Multiple Regression The LA Pasadena News Daily, a well known newspaper in Pasadena founded in 1924 has noticed a decline in its finances They decided to find out the key variables that affect subscriptions (people paying monthly for the newspaper) The subscription manager obtained the following sample information on select newspapers in the West. The following are the variables and their explanation. Subscriptions = Population = Advert = Income = Family size = Number of subscriptions ( in thousands) The metropolitan population ( in thousands) The advertising budget of the paper ( in $ hundreds) The median family income in the metropolitan area ( in $ thousands) Median family size (number of people in a family) Y X1 X2 X3 X4 Subscriptions Population Advert Income Family size 37.95 588.9 13.2 35.1 37.66 585.3 13.2 34.7 37.55 566.3 19.8 34.8 38.78 642.9 17.6 35.1 37.67 624.2 17.6 34.6 38.23 603.9 15.4 34.8 36.9 571.9 11 34.7 38.28 584.3 28.6 35.3 38.95 605 28.6 35.1 42.98 669 24.5 35.2 38.3 587.4 17.6 34.9 38.84 576.4 22 35.4 38.14 570.8 17.6 35 38.39 586.5 15.4 35.5 39.29 569 15 35.4 39.15 611.1 24.2 35 38.29 643.3 17.6 35.3 38.09 635.6 19.8 34.8 37.83 598.9 15.4 35.1 39.37 657 22 35.3 41.23 599.2 15.6 35.9 37.42 520 19.8 35.1 38.83 629.6 22 35.3 38.33 680 24.2 34.7 40.24 651.2 33 35.8 40.58 653 34 38 40.95 700.21 37 41.2 38.58 587 19.4 35.2 38.54 589.5 13.9 36.5 41.54 712.45 41 42.6 37.59 600 15.8 35.9 4 2 2 4 2 2 2 3 4 4 2 4 4 4 4 3 4 2 4 4 4 4 4 2 4 5 5 3 4 5 3 Use the data above to answer the questions below: a) What is the multiple regression model b) Interpret your model c) What would be the predicted subscription if the population is 550,000, the advertising budget for the paper is $2,500, th d) At 5% level of significance, is there a significant relationship between the dependent variable and at least one of the ind (HINT-Covert these values to solv (HINT-Covert these values to solve for example 550,000 to 550. See variables and their explanation) According to a study by the American Pet Food Dealers Association, 63% of U.S. households own pets. A report is being prepared for an editorial in the Los Angeles Chronicle. As part of the editorial, a random sample of 300 households showed 210 own pets. Does this data disagree with the Pet Food Dealers Association data? Use a .05 level of significance. significance. The Burbank airport’s short-term parking lot is close to the terminal, so someone meeting an incoming passenger has only a short walk to the baggage claim area, a good place to meet. To decide if the short-term lot has enough parking places, the manager of airport parking needs to know if the mean time in the lot is more than 40 minutes. A sample of 12 recent customers showed they were in the lot the following lengths of time, in minutes. At the 0.05 significance level, is it reasonable to conclude that the mean time in the lot is more than 40 minutes? 42 39 42 45 43 40 39 41 40 w if the mean onclude that 42 43 42

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