Question

Your firm has decided to interview a random sample of 10 customers in order to determine whether or not to change a consumer product. Your main competitor has already done a similar but much larger study and has concluded that exactly 86% of consumers approve of the change. Unfortunately, your firm does not have access to this information (but you may use this figure in your computations here).
a. What is the name of the probability distribution of the number of consumers who will approve of the change in your study?
b. What is the expected number of people, out of the 10 you will interview, who will approve of the change?
c. What is the standard deviation of the number of people, out of the 10 you will interview, who will approve of the change?
d. What is the expected percentage of people, out of the 10 you will interview, who will approve of the change?
e. What is the standard deviation of the percentage of people, out of the 10 you will interview, who will approve of the change?
f. What is the probability that exactly eight of your interviewed customers will approve of the change?
g. What is the probability that eight or more of your interviewed customers will approve of the change?


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  • CreatedNovember 11, 2015
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