17. An appliance manufacturer is conducting a survey of consumer satisfaction with appliance purchases. All customers that
Question:
17. An appliance manufacturer is conducting a survey of consumer satisfaction with appliance purchases. All customers that have purchased one of the company’s appliances within the last year will be mailed a customer satisfaction survey. The company is contemplating the proportion of surveys that customers will actually return.
It is known from considerable past experience with these types of surveys that the expected proportion of returned surveys is equal to .40, with a variance of .04.
(a) What is the probability that there will be more than 50 percent of the surveys returned?
(b) What is the probability that less than 25 percent of the surveys will be returned?
(c) What is the median level of response to this type of survey? What is the mode?
Step by Step Answer:
Mathematical Statistics For Economics And Business
ISBN: 9781461450214
2nd Edition
Authors: Ron C. Mittelhammer