It is econometrics questions but involves the contents of Statistics. Q:You are

Question

It is econometrics questions but involves the contents of Statistics.

Q:You are the manager of some toll stations on a highway. To find out if your booth operators pocket any of the money they handle, you compare the revenue each operator generates with the average of all operators.You fire any attendant who consistently generates less revenue than the average.Suppose the distribution of tolls collected per day per booth is normal with a mean of $280 per day and a standard deviation of $35. You've hired a new person and recorded the following daily revenue for his toll station:$225,$235,$275,$360,$359,$175,and $150.If you are willing to accept a 5% chance of mistakenly firing someone who is honest, should you fire him? What would be the P value for your test?

Explanation / Answer

The revenues are as following

$225,$235,$275,$360,$359,$175,and $150

It could be quite normal to have this revenue

There are seven days in a week. Lets assume that the first one $225 is on monday,

Then you see a drop in revenue on saturday and sunday which is quite normal. There would be less rush because people are resting on saturday and sunday.

I would compare results of other attendents before taking any decision.

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