data management analysis and reporting
Complete Chapter 4 problems 67 and 78 from page 204 and 206 at the end of the chapter. Refer to the associated files: P04_67.xlsxfor problem 67 and P04_78.xlsxfor problem 78.
Save your time - order a paper!
Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines
Order Paper Now
. Each year the employees at Zipco receive a $0, $2000,
or $4500 salary increase. They also receive a merit
rating of 0, 1, 2, or 3, with 3 indicating outstanding
performance and 0 indicating poor performance. The
joint probability distribution of salary increase and
merit rating is listed in the file P04_67.xlsx. For
example, 20% of all employees receive a $2000
increase and have a merit rating of 1. Find the correlation
between salary increase and merit rating. Then
interpret this correlation.
78. A manufacturing plant produces two distinct products,
A and B. The cost of producing one unit of A is $18
and that of B is $22. Assume that this plant incurs a
weekly setup cost of $24,000 regardless of the number
of units of A or B produced. The means and standard
deviations of the weekly production levels of A and B
are given in the P04_78.xlsx.
a. Assuming that the weekly production levels of A
and B are independent, find the mean and standard
deviation of this plant’s total weekly production
cost. Between which two total cost figures can you
be about 68% sure that this plant’s actual total
weekly production cost will fall?
b. How do your answers in part a change if you
discover that the correlation between the weekly
production levels of A and B is actually 0.29?
Explain the differences in the two sets of results.
"Looking for a Similar Assignment? Order now and Get 15% Discount! Use Code "FIRST15"
