Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Wall Street Journal reported that approximately 25 of the people who are told a product is improved will believe that it is in fact

image text in transcribed
image text in transcribed

The Wall Street Journal reported that approximately 25 of the people who are told a product is improved will believe that it is in fact improved The remaining 75 believe that this is just hype the same old thing with no real improvement Suppose a marketing study consists of a random sample of eleven people who are given a sales talk about a new improved product USE SALT a Make a histogram showing the probability that r 0 to 11 people believe the product is in fact improved 0 25 0 30 0 25 0 20 P r P r 0 20 0 0 15 0 10 0 05 0 00 0 6 0 5 0 4 0 3 0 2 0 1 0 0 20 MLA 0 1 2 3 4 5 6 7 8 9 10 11 r 0 1 2 3 4 5 6 7 8 9 10 11 r people people P r P r 0 15 0 10 0 05 0 00 0 25 0 20 0 15 0 10 0 05 0 00 0 1 2 3 4 5 6 7 8 9 10 11 T 0 1 2 3 4 5 6 7 8 9 10 11 b Compute the mean and standard deviation of this probability distribution Round your standard deviation to two decimal places H T c What is the smallest number of people needed in the marketing study to be at least 99 sure that at least one person believes the product to be improved Hint Note that P r 1 0 99 is equivalent to 1 P 0 0 99 or P 0 0 01 people

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

CAD/CAM Systems Planning And Implementation

Authors: Charles S Knox

1st Edition

1000146383, 9781000146387

More Books

Students also viewed these Mathematics questions

Question

What are some of the special advantages of user panel data?

Answered: 1 week ago

Question

What is EVA? How does it differ from ROl and resid ual income?

Answered: 1 week ago