Bank Management

Chapter 11 Problems

1. The Anderson=s Super Dollar had two grocery stores in Erie, Pennsylvania. The mean time customers wait in the checkout line at the Byrne Road store is 3.7 minute with a standard deviation of .8 minutes, for a sample of 40 customers. The mean waiting time for the I-90 store is 3.5 minutes with a standard deviation of .7 minutes for a sample of 45 customers. At the .05 significance level can we conclude there is a difference in the waiting time for the two stores?

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2. A sample of 200 Lion Store charge customers 50 years or older showed that 20 did not pay their entire balance at the end of the month. A sample of 300 customers under 30 showed that 50 did not pay their entire balance at the end of the month. At the .02 significance level can we conclude that a larger percent of the younger customers do not pay their entire balance at the end of the month?

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3. The mean high temperature for 12 days in July in Detroit, Michigan was 88 degrees with a standard deviation of 4 degrees. The mean high temperature in Hilton Head, South Carolina for 8 July days was 91 degrees with a standard deviation of 3 degrees. At the .05 significance level, can we conclude that it is warmer in Hilton Head?

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4. An egg farmer wanted to determine if increasing the time the lights were on in his hen house would increase egg production. For a sample of eight chickens he determined their production before and after increasing the amount of time the lights were on. The data are reported below. At the .01 significance level, has there been an increase in production?

Hen 1 2 3 4 5 6 7 8

Before 10 8 5 2 3 7 3 3

After 7 5 6 8 8 8 10 2

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