Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Exercise 7-15 Algo A small hair salon in Denver, Colorado, averages about 88 customers on weekdays with a standard deviation of 8. It is
Exercise 7-15 Algo A small hair salon in Denver, Colorado, averages about 88 customers on weekdays with a standard deviation of 8. It is safe to assume that the underlying distribution is normal. In an attempt to increase the number of weekday customers, the manager offers a $5 discount on 5 consecutive weekdays. She reports that her strategy has worked since the sample mean of customers during this 5 weekday period jumps to 95. [You may find it useful to reference the z table.] a. What is the probability to get a sample average of 95 or more customers if the manager had not offered the discount? (Round final answer to 4 decimal places.) Probability b. Do you feel confident that the manager's discount strategy has worked? No, there is good chance (more than 5%) of getting 95 or more customers without the discount. No, there is only a small chance (less than 5%) of getting 95 or more customers without the discount. O Yes, there is good chance (more than 5%) of getting 95 or more customers without the discount. Yes, there is only a small chance (less than 5%) of getting 95 or more customers without the discount.
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