Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What is the age distribution of promotion-sensitive shoppers? A supermarket super shopper is defined as a shopper for whom at least 70% of the items

What is the age distribution of promotion-sensitive shoppers? A supermarket super shopper is defined as a shopper for whom at least 70% of the items purchased were on sale or purchased with a coupon.

Age range, years 18-28 29-39 40-50 51-61 62 and over
Midpoint x 23 34 45 56 67
Percent of super shoppers 7% 44% 26% 14% 9%

For the 62-and-over group, use the midpoint 67 years.

(a) Using the age midpoints x and the percentage of super shoppers, do we have a valid probability distribution? Explain.

Yes. The events are distinct and the probabilities sum to 1.Yes. The events are indistinct and the probabilities sum to less than 1. Yes. The events are distinct and the probabilities do not sum to 1.No. The events are distinct and the probabilities sum to 1.No. The events are indistinct and the probabilities sum to more than 1.

(b) Use a histogram to graph the probability distribution of part (a).

(c) Compute the expected age of a super shopper. (Round your answer to two decimal places.) = yr (d) Compute the standard deviation for ages of super shoppers. (Round your answer to two decimal places.) = yr

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

Fundamentals Of Oil And Gas Accounting

Authors: Charlotte Wright

6th Edition

9781593703639

More Books

Students also viewed these Accounting questions

Question

Prove using the laws of logic that A (B C) (A B) (A C)

Answered: 1 week ago

Question

Summarize what is known about serial killers and their victims.

Answered: 1 week ago