Week 6 1. Point Estimates for EAI Employees. In this chapter we showed how a simple random sample of 30 EAI employees can be used to develop point estimates of the population mean annual salary, the population standard deviation for annual salary, and the population proportion having completed the management training program. a. Use Excel to select a simple random sample of 50 EAI employees. b. Develop a point estimate of the mean annual salary. c. Develop a point estimate of the population standard deviation for annual salary. d. Develop a point estimate of the population proportion having completed the management training program. 2. Production Operating Costs. Suppose a new production method will be implemented if a hypothesis test supports the conclusion that the new method reduces the mean operating cost per hour. a. State the appropriate null and alternative hypotheses if the mean cost for the current production method is $220 per hour. b. What is the Type I error in this situation? What are the consequences of making this error? c. What is the Type II error in this situation? What are the consequences of making this error? 3. Meal Costs. Which is cheaper: eating out or dining