Question
Catalog Sales have been a part of the U.S. economy for many years, and companies have enjoyed increased business. One feature that has made mail-order
Catalog Sales have been a part of the U.S. economy for many years, and companies have enjoyed increased business. One feature that has made mail-order buying so popular is the ease with which customers can return merchandise. Nevertheless, one mail-order catalog has observed that historically 11% of all shipped items are returned. The Binomial Distribution can describe the number of items returned. If this company ships 300 items, what is the probability of more than 33 items are returned?
(a) List and verify the conditions of this binomial experiment. (b) Define the random variable. (c) What are the mean and standard deviations of number of items returned? (d) What is the probability of more than 33 items are returned? (e) Does the probability in step (d) concern her? Explain.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started