Does the kid factor make a difference? If you are talking photography, the answer may be yes!
Question:
Let us say you are a market researcher who interviews a random sample of 10 households.
(a) Suppose you interview 10 households with children under the age of 2 years. Let r represent the number of such households that buy photo gear. Make a histogram showing the probability distribution of r for r = 0 through r = 10. Find the mean and standard deviation of this probability distribution.
(b) Suppose that the 10 households are chosen with no children under 21 years old. Let r represent the number of such households that buy photo gear. Make a histogram showing the probability distribution of r for r = 0 through r = 10. Find the mean and standard deviation of this probability distribution.
(c) Interpretation Compare the distributions in parts (a) and (b). You are designing TV ads to sell photo gear. Could you justify featuring ads of parents taking pictures of toddlers? Explain your answer.
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
Step by Step Answer:
Understanding Basic Statistics
ISBN: 9781111827021
6th Edition
Authors: Charles Henry Brase, Corrinne Pellillo Brase