Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Star Kat Books, a small independent bookstore in Bradford is trying to decide whether to discontinue selling magazines. The owner suspects that only 11% of

Star Kat Books, a small independent bookstore in Bradford is trying to decide whether to discontinue selling magazines. The owner suspects that only 11% of the customers buy a magazine and thinks that she might be able to use the display space to sell something more profitable. Before making a final decision, she decides that for one day he'll keep track of the number of customers and whether or not they buy a magazine.

  1. What is the probability that exactly 6 of the first 18 customers buy magazines? Round your answer to 4 decimal places.

Using the values from the last question show work work/screenshots for applet use to answer:

  1. What is the probability that at least 5 of her first 50 customers buy magazines? (10 points)
  2. She had 280 customers that day. Assuming this day was typical for her store, what would be the mean and standard deviation of the number of customers who buy magazines each day? (10 points)
  3. Surprised by the high number of customers who purchased magazines that day, the owner decided that her percentage estimate of customers who still buy magazines must have been too low. How many magazine sales would it have taken to convince you? Justify your answer. (10 points)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

1119563097, 9781119563099

Students also viewed these Mathematics questions