A downtown employee is looking for the best option for parking a car during an 8-hour workday. One parking garage offers unlimited parking at a $120 per month. Another garage offers an hourly rate of $2.50 for parking.
Draw a graph comparing the two parking plans. Under what circumstances would the monthly plan be cheaper? Under what circumstances would the hourly plan be cheaper?
The number of hours parked per day is constant at 8. The cost of parking for 1 day under the hourly rate is therefore ($2.50 * 8 =) $20 per day. The ...
This solution shows how to algebraically compare the cost of parking under an hourly plan and under a monthly plan. The solution is illustrated with a graph in Microsoft Excel and all calculations are fully explained.
Comparison of populations mean: Students t test
The Commercial Bank and Trust Company is studying the use of its automatic teller machines (ATMs). Of particular interest is whether young adults (under 25 years) use the machines more than senior citizens. To investigate further, samples of customers under 25 years of age and customers over 60 years of age were selected. The number of ATM transactions last month was determined for each selected individual, and the results are shown below. At the .01 significance level, can bank management conclude that younger customers use the ATMs more?
An investigation of the effectiveness of an antibacterial soap in reducing operating room contamination resulted in the accompanying table. The new soap was tested in a sample of eight operating rooms in the greater Seattle area during the last year.
At the 0.05 significance level, can we conclude the contamination measurements are lower after use of the new soap?
The city of Laguna Beach operates two public parking lots. The one on Ocean Drive can accommodate up to 125 cars and the one on Rio Rancho can accommodate up to 130 cars. City planners are considering both increasing the size of the lots and changing the fee structure. To begin, the Planning Office would like some information on the number of cars in the lots at various times of the day. A junior planner officer is assigned the task of visiting the two lots at random times of the day and evening and counting the number of cars in the lots. The study lasted over a period of one month. Below is the number of cars in the lots for 25 visits of the Ocean Drive lot and 28 visits of the Rio Rancho lot.
Is it reasonable to conclude that there is a difference in the mean number of cars in the two lots? Use the .05 significance level.
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