Question
A university bookstore sets a target for 50% of its customers to be satisfied with both the service and the prices at the bookstore. (answer
A university bookstore sets a target for 50% of its customers to be satisfied with both the service and the prices at the bookstore. (answer using excel please)
a. If they have achieved this target, determine the probability that in a random sample of 600 of its customers, more than 45% are satisfied with the service and prices.
b. If they have achieved this target, determine the probability that in a random sample of 600 of its customers, less than 270 customers are satisfied with the service and prices.
c. Using your answer in part b, explain whether or not the bookstore can conclude that they have achieved their target if in a random sample of 600 customers, 270 expressed satisfaction with the bookstore.
d. If the bookstore has achieved its target, determine the sample proportion that 95% of all sample proportions should exceed.
e. Using your answer from part d, explain why the bookstore should not conclude that they failed in achieving their target if they get a sample proportion of 48%, even though 48% is less than their target of 50%.
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