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November 20, 2014

Homework Help: Quantitative Techniques

Posted by Vijay on Monday, April 22, 2013 at 3:21am.

Q No. A company is seriously considering buying one type of machine that can save significant labor hours. The labor hour saved by the machine follows a normal distribution with mean = 2200 and a certain standard deviation. It is known that there is a fifty- fifty chance that the labor hours saved by the machine is either greater than 2400 or less than 2000. The price of the machine is Rs.860000. The incremental cost of a labor hour incurred in the company is currently Rs. 400. The company has also performed 36 trial runs to find out how the machine is fairing. The company would like to make some preliminary assessment before buying the machine. It requires your help to answer the following fill in the blank questions:
1) The standard deviation of the population distribution of the labor hours saved by the machine is ---------------
2) The standard error of the sample mean of labor hours saved is --------------
3) The probability that the sample mean of labor hours saved will exceed the break-even labor hours is ------------

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