Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3. A business owner is interested in using the data they have on customer satisfaction to make some predictions about their business. They know from

3. A business owner is interested in using the data they have on customer satisfaction to make some predictions about their business. They know from experience that customers are satisfied 30% of the time. If they asked 10 people if they were satisfied, what is the probability that exactly 4 would be satisfied. Give your answer to four decimal places (x.xxxx).

*Hint - This is a binomial distribution and will require you to use the correct binomial table.

4. Using the information from question 3, what is the probability that less than 7 customers are satisfied? Give your answer to four decimal places (x.xxxx).

5. Using the information from question 3, what is the expected value for this binomial variable? Give your answer as a whole number.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Services Marketing

Authors: Jochen Wirtz

4th Edition

1292425199, 9781292425191

More Books

Students also viewed these Mathematics questions