Of your customers, 24% have high income, 17% are well educated. Furthermore, 12% both have high income and are well educated. What percentage of the well-educated customers have high income? What does this tell you about a marketing effort that is currently reaching well-educated individuals although you would really prefer to target high-income people?
Answer to relevant QuestionsThere are 5% defective parts manufactured by your production line, and you would like to find these before they are shipped. A quick and inexpensive inspection method has been devised that identifies 8% of parts as ...As the House of Representatives prepared to release the videotape of his grand jury testimony in 1998, President Clinton’s approval ratings were as follows: 36% approved of him as a person, 63% approved of him as a ...Continue to view this database as the sample space as in database exercise 1. Consider the two events “high experience (six years or more)” and “female.” a. Find the probabilities of these two events. b. Find the ...a. What is a factorial? b. Find 3!, 0!, and 15!. c. What is a binomial coefficient? What does it represent in the formula for a binomial probability? d. Find the binomial coefficient “8 choose 5.” Repeat the previous problem, but now assume that 85% are in favor in the population. Is the uncertainty larger or smaller than when 50% was assumed? Why?
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