Suppose a baker wants to know, on average, how many pastries they sell in a day. They sampled over 4 days. On the first day they sold 10, on the second day they sold 12, on the third day they sold 18, and on the fourth day they sold 16. The population standard deviation of pastry sales is 3. What is the point estimate (average) number of pastries sold? 26 08 056 O 14 Nex

Suppose a baker wants to know, on average, how many pastries they sell in a day. They sampled over 4 days. On the first day they sold 10, on the second day they sold 12, on the third day they sold 18, and on the fourth day they sold 16. The population standard deviation of pastry sales is 3. What is the point estimate (average) number of pastries sold? 26 08 056 O 14 Nex

Essentials of Business Analytics (MindTap Course List)

2nd Edition

ISBN:9781305627734

Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Chapter2: Descriptive Statistics

Section: Chapter Questions

Problem 18P: The average time that Americans commute to work is 27.7 minutes (Sterlings Best Places, April 13,...

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A simple random sample of 5 months of sales data provided the following information: a. Develop a point estimate of the population mean number of units sold per month. b. Develop a point estimate of the population standard deviation.
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Varatta Enterprises sells industrial plumbing valves. The following table lists the annual sales amounts for every salesperson in the organization for the most recent fiscal year. Salesperson Sales Amount ($1000) Salesperson Sales Amount ($1000) Joseph 147 Wei 465 Jennifer 232 Samantha 410 Phillip 547 Erin 298 Stanley 328 Dominic 321 Luke 295 Charlie 190 Lexie 194 Amol 211 Margaret 368 Lenisa 413 (a) Compute the mean (in $), variance, and standard deviation (in $) for these annual sales values. (Round your answers to the nearest whole number.) mean? variance? standard deviation?
1. If last year's sales were $906,050 and a store was planning an increase in sales of 3.75% and a markdown percent of 18.25%, what is the planned markdown in dollars? (Present your answer rounded to the dollar with a dollar sign and comma separator (i.e. $109,455).) 2. Using the following data, calculate the planned April purchases at cost. (Present your answer rounded to the dollar with a dollar sign and comma separator (i.e. $109,455).) Sales $220,000 BOM Stock for April $380,000 BOM Stock for May $240,000 Markup 51% Markdowns 2.3%
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Refer to the information for Farnsworth Company (p. 139) for the first 10 months of data on receiving orders and receiving cost. Now suppose that Tracy has gathered 2 more months of data: Note: For the following requirements, round the intercept terms to the nearest dollar, round the variable rates to the nearest cent, and R2 to two decimal places. Required: 1. Run two regressions using a computer spreadsheet program such as Excel. First, use the method of least squares on the first 10 months of data. Then, use the method of least squares on all 12 months of data. Write down the results for the intercept, slope, and R2 for each regression. Compare the results. 2. CONCEPTUAL CONNECTION Prepare a scattergraph using all 12 months of data. Do any points appear to be outliers? Suppose Tracy has learned that the factory suffered severe storm damage during Month 11 that required extensive repairs to the receiving areaincluding major repairs on a forklift. These expenses, included in Month 11 receiving costs, are not expected to recur. What step might Tracy, using her judgment, take to amend the results from the method of least squares? 3. CONCEPTUAL CONNECTION Rerun the method of least squares, using all the data except for Month 11. (You should now have 11 months of data.) Prepare a cost formula for receiving based on these results, and calculate the predicted receiving cost for a month with 1,450 receiving orders. Discuss the results from this regression versus those from the regression for 12 months of data.
Number of visitors to the island from January 2007 to May 2007 were 125,000, 125,000, 150,000, 125,000 and 125,000, respectively. (For simplicity, we assume each visitor, on average, purchases one milk shake. (Students can get more elaborate and research the average number of days visitors stay and the average number of couples, versus families with kids). The sales mix and the sales price will be consistent with the first part of the case at 40% small and 60% large with the sales price set at the competitors price of $10 for large and $7 for small (less the resort fee of 10%). SALES BUDGET for 1st qtr January February March 1stqtr Total April May Large shakes expected to be sold: (visitors*.60) Expected sales price ($10*90%) Total sales ($) Small shakes expected to be sold: (visitors * .40) Expected sales price ($7*90%)…
a. Assume that the cost of goods sold is 60% and that the monthly discount rate is 1%. Looking at the values in the exhibit above, you note that the average monthly revenue for a subscribed customer rises as the company sends more emails. In addition, the average monthly revenue for an unsubscribed customer also rises as the company sends more emails. What could explain both of these patterns? b. Calculate the 6-month LTV for each of the four tested email frequencies. Please show the spreadsheet with your calculations and be clear about any assumptions you are making. c. Based on this test, how many emails-per-week should the company be sending to its customers? This email frequency should apply to all customers; the company doesn't want to implement a different email frequency for different kinds of people
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