Mahoney Custom Home Builders, Inc., of Canyon Lake, Texas, asked visitors to their website what is most important when choosing a home builder. Possible responses were quality, price, customer referral, years in business, and special features. Results showed that 23.5% of the respondents chose price as the most important factor (Mahoney Custom Homes website, November 13, 2012). Suppose a sample of 200 potential home buyers in the Canyon Lake area was selected.
a. How many people would you expect to choose price as the most important factor when choosing a home builder?
b. What is the standard deviation of the number of respondents who would choose price as the most important factor in selecting a home builder?
c. What is the standard deviation of the number of respondents who do not list price as the most important factor in selecting a home builder?