The Manager of a Video Library Would Like the Variance

question 6

Multiple Choice

The manager of a video library would like the variance of the waiting times of the customers not to exceed 2.30 minutes-squared.He would like to add an additional billing counter if the variance exceeds the cut-off.He checks the recent sample data.For a random sample of 24 customer waiting times,he arrives at a sample variance of 3.8 minutes-squared.The manager assumes the waiting times to be normally distributed.At α = 0.05,which of the following is the critical value ?

• A) 13.091
• B) 32.007
• C) 35.172
• D) 38.076

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Definitions:

Everyday Low Pricing

A pricing strategy where companies set a low price for their products on a consistent basis instead of relying on sales.

Acronym

A word formed from the initial letters of a phrase or series of words, often pronounced as a word itself.

EDLP

Stands for "Every Day Low Prices," a pricing strategy aimed at providing customers with consistently low prices without the need for sales or discounts.

Everyday Low Pricing

A pricing strategy where a company consistently offers low prices rather than relying on sales or discounts, aiming to attract budget-conscious consumers.