A Traffic Engineer Wanted to Study the Delays in Traffic

question 19

Multiple Choice

A traffic engineer wanted to study the delays in traffic movement at three traffic signal locations, as measured by the number of seconds before the first car clears the intersection. The engineer selected three locations randomly from all the signals with a similar amount of traffic and number of lanes, and similar turn and signal patterns. The engineer collected the following data on eight randomly chosen days. The engineer obtains a statistics book and, after investigating, decides that analysis of variance is the appropriate method for his problem. Using technology, the engineer obtains a P-value = 0.001. This tells the engineer that:

• A)mean delays at all three sites are different.
• B)the mean delay at site 2 is the smallest and mean delay at sites 1 and 3 are the same.
• C)mean delays are different for at least two sites.
• D)mean delays are the same because it is rare to have different delay times.

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Definitions:

Equity Capital

The amount of money that is invested in a company by its owners, in exchange for ownership interest or shares.

Economic Profit

The surplus remaining after deducting total costs from total revenues, including both explicit and implicit costs, and representing a measure of economic efficiency.

Rate of Return

The gain or loss on an investment over a specified period, expressed as a percentage of the investment's initial cost.

Accounting Profit

The total revenue of a business minus the explicit costs, representing the financial gain on its income statement.