w Event X F BALN X & outlo x - "iCarl x Parar X F Botte X N amiri x G balm x Y Men' x nboii/Downloads/A3P2.pdf 1 / 2 100% 3. The owner of the small convenience store in the previous question sells two different candy brands. On average, he sells 20 "A" candies with a standard deviation of 3 and 15 "B" candies with a standard deviation of 5. The price for candy "A" and "B" is 2$ and 1.5$ respectively. a. Assuming that selling "A" is independent of selling "B," what is the expected value and standard deviation of the total revenue from selling these two products? (3 points) b. What is the probability of selling less than 30$ of "A" candies? (4 points) c. What is the probability of selling more than 30$ of "B" candies? (4 points) d. What is the probability of gaining between 50$ to 70$ from selling both candies? (3 points) . If buying these candies costs 40$ for the owner, what would be the probability of making a profit out of selling these candies? Explain whether having these products in the convenience store makes sense. (2 points) Bonus question: In Q2, surprised by the high number of customers who purchased magazines that day, the owner decided that his 5% estimate must have been too low. How many magazine sales would it have taken to convince you with more than 90% confidence? Explain. (This means that the probability of seeing specific number of buyers is less than 10%.) MacBook AirF Botte x N amiri x w Event X F BALN X Parar X G balm x / Men' X outlo x "iCarl X ii/Downloads/A3P2.pdf 1 / 2 100%% TELFER Due date: 9 Jul 2022 11:59 pm Assignment 3 Part 2 ADM 2303- Spring/Summer 2022 Instructions: 1. Your assignment should be uploaded on Brightspace in a single pdf file. You may submit more than one version, but only the latest will be considered. 2. Your answers should be typed. Handwritten answers would not be evaluated. 3. Remember to include personal ethics statement in your file. 4. You may use Minitab, Excel, R or other software for any calculations. However, make sure to explain all calculation steps and how you arrived at your answer. 5. Part 1 of the assignment needs to be done on MyLab Statistics. 1. Employees must complete new machine set-ups at a local manufacturing plant within 30 minutes. A Normal model can describe new machine set-up times with a mean of 22 minutes and a standard deviation of four minutes. a. What percent of new machine set-ups take more than 30 minutes? (2 points) b . The typical worker needs five minutes to adjust to their surroundings before beginning their duties. What percent of new machine set-ups are completed within 25 minutes to allow for this? (2 points) 2. The owner of a small convenience store is trying to decide whether to discontinue selling magazines. He suspects that only 5% of the customers buy magazines and thinks that he might be able to sell something more profitable. Before making a final decision, he keeps track of the number of customers who buy magazines on a given day.G balm x _ Men' x P w Event x F BALN X & outlo x "iCarl x W Parar x F Botte x N amiri x nal X iopianboii/Downloads/A3P2.pdf 1 / 2 100%% 2. The owner of a small convenience store is trying to decide whether to discontinue selling magazines. He suspects that only 5% of the customers buy magazines and thinks that he might be able to sell something more profitable. Before making a final decision, he keeps track of the number of customers who buy magazines on a given day. a. On one day, he had 280 customers. Assuming this day was typical, what would be the mean and standard deviation of the number of customers who buy magazines each day? (2 points) b. What is the probability that less than 10 people will buy a magazine that day? (3 points) c. What is the probability that more than 20 people will buy a magazine that day? (2 points) Page 2 ADM 2303- Spring/Summer 2022 3. The owner of the small convenience store in the previous question sells two different candy brands. On average, he sells 20 "A" candies with a standard deviation of 3 and 15 "B" candies with a standard deviation of 5. The price for candy "A" and "B" is 2$ and 1.5$ respectively. a. Assuming that selling "A" is independent of selling "B," what is the expected value and standard deviation of the total revenue from selling these two products? (3 points) MacBook Air F3 000 F4 F5 F6 F7 F8 F9 F10 O