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York University
ECON 2500
Wai Ming Ho

Section 4J0-Thursday Final Exam Version 1-Green Color (2 hours 30 minutes in length) (Print) Last name: ____________________________ (Print) First name: ____________________________ Student number: ____________________________ PLEASE DO NOT OPEN UNTIL INSTRUCTED TO DO SO. Please read the instructions below before you begin writing. 1. Before you begin writing, please print your name and student number in the space provided above. 2. Please check that the color of your final exam paper is different from the paper of the persons seated on either side of you. Please raise your hand if you find you have the same color test paper as the one next to you. Failure to inform the professor of this matter will result in a grade of ZERO. 3. Please do not remove the staple or detach the pages during the exam. 4. Please read the questions carefully. The same table of data may be used for several questions. 5. There are 6 questions in this exam and all questions are required. 6. All cellular phones must be turned off and stored away from the testing area. If a cellular phone is found in the testing area, you will receive zero for this exam. 7. For all questions, only your numeric answer with the appropriate symbol and unit will be marked. It may be necessary to show how you arrived at your answer. Marks Earned Question 1 (14 Marks) Question 2 (14 marks) Question 3 (5 marks) Question 4 (5 marks) Question 5 (28 marks) Question 6 (22 marks) TOTAL (Total marks for the test 88) Page 1 of 9 Question 1 (14 marks, 2 marks each if not stated) You, the manager of an accounting firm in Toronto, are interested in the length of the lunch break for the employees if they have more than an hour of lunch break. The following random sample on the length of time employees took for their lunch break was summarized. Use a 0.05 level of significance to test if the lunch break is longer than an hour. Assume that the population standard deviation is known to be 17.95. Time in Minutes Frequency 40 and under50 5 50 and under 60 21 60 and under 70 34 70 and under 80 13 80 and under 90 6 90 and under 100 2 1) What is the point estimate of the mean length of the lunch break? 2) {4 marks} Using a standardized test statistic, test the hypothesis. 3) Using a P-value, test the hypothesis. 4) Using a confidence interval estimation procedure, test the hypothesis. 5) With a 0.01 level of significance, discuss if the tests and confidence interval estimation approach shown above could reach different conclusions. Explain why. 6) What sample size should be taken if the error will not be more than 1.5. Question 2 (14 marks, 2 marks each if not stated) Page 2 of 9 The reliability of two types of machines used in the same manufacturing process is to be tested. The first machine failed to operate correctly in 45 out of 300 trials while the second type failed to operate correctly in 50 out of 250 trials. 1) What is a point estimate of the difference between the population proportions for these machines? 2) What is a point estimate of the pooled estimate of the population proportions? 3) State the null and alternative hypotheses for a two-tailed test. 4) Compute the test statistic to test the hypothesis above. 5) What is the corresponding critical value? Use a 0.05 level of significance. 6) Use the p-value to test the hypothesis. Page 3 of 9 7) Use the confidence interval estimation procedure to see if it supports your test conclusion. Question 3 (5 marks) Allied Corporation wants to increase the productivity of its line workers. Four different programs have been suggested to help increase productivity. A sample of 20 employees has been randomly assigned to one of the four programs and their output for a day’s work has been recorded. You are given the results below. Assuming the equal variance test if the programs increase the productivity of its line workers. Use α = 0.05. Program A Program B Program C Program D 150 150 185 175 130 120 220 150 120 135 190 120 180 160 180 130 145 110 175 175
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