Question: Based on analysis of data from last year, you have found that 40% of the people who came to your store had not been there

Based on analysis of data from last year, you have found that 40% of the people who came to your store had not been there before. While some just came to browse, 30% of people who came to your store actually bought something. However, of the people who had not been there before, only 20%bought something. You are thinking about these percentages as probabilities representing what will happen each time a person comes to your store.
a. What kind of probability numbers are these, in terms of where they come from?
b. Draw a probability tree for this situation.
c. Find the probability that a person coming to your store will have been there before and will make a purchase.
d. What is the probability that a customer had been there before given that the customer did not purchase anything during his or her visit?

Step by Step Solution

★★★★★

3.31 Rating (178 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a Relative frequency b c The probabi... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

636-M-S-P (4103).docx

120 KBs Word File

Students Have Also Explored These Related Statistics Questions!

The Seitz Corporation, a QS 9000 certified organization based in Torrington,Connecticut, is a leading designer and manufacturer of thermoplastic motion control systems and components and an industry...

The Thorndikes have submitted a bid to be the sole supplier of swimming goggles for the U.S. Olympic team. OptiView, Inc. has been supplying the goggles for many years, and the Olympic committee has...

Following the loss of the Challenger space shuttle, a study was done to fnd better ways to measure and control for risk. One way to reduce the risk of failure is to have redundant (backup) systems....

Your group has been hired by Sudhir Murarka to assess and improve the quality of Gati's newly introduced Premium Express Delivery process. Sudhir is concerned with the number of customer complaints...

1.Using the concepts on page 203 - 207, what type of traditional organizational structure would work the best for Nike?Explain your answer thoroughly. 2.Draw the organizational structure you have...

Please read case study. Assignment questions are as follows: 1. Critically analyze the strategic position of Kunapipi Gardens. 2. What are the pros and cons of the current system (income statement)...

CASE 3-4 Continued Growth for Zara and Inditex CIRCA 2008 chains has zoomed, Zara's rivals Hennes & Mauritz AB of Sweden and Mango of Spain have also become fixtures on U.S. ARTEIXO, Spain-Zara...

3. Digital streaming service subscriptions have experienced tremendous growth during the pandemic. Based on Figure 4 and 5 (pages 7-8) in the article, identify the appropriate marketing...

I need help with ALL PARTS of question #3. This is ONE MULTI-PART question. If possible, can you please explain how you got each answer and why the answer is what it is. PLEASE HELP ASAP this is due...

Is it better to regulate industry via laws or let industry self-regulate? Support your claim.

Use the accounting equation to compute the missing financial statement amounts (a), (b), and(c). Company Equity Assets S 30,000 b) 90,000 Liabilities $ (a) 2 3 50,000 10,000 30,000

Explain the difference between the Expenses tab and the Items tab in the Write Checks window.

What factors determine an individuals personality?

Name three numerical quantities a firm might be concerned with for which exact values are unavailable. For each quantity, describe an estimate that might be useful. In general terms, how reliable...

List two kinds of routine decisions that you make in which statistical hypothesis testing could play a helpful role.

Look through recent material from the Wall Street Journal. Identify an article that relies directly or indirectly on statistics. Briefly describe the article (also be sure to give the title, date,...

Transaction exposure. International Products, Inc. has ordered 15,000 leather coats from Argentina for delivery in 15 months. The contracted cost of a coat is 125 pesos. International Products will...

J&J Enterprises is considering an investment that will cost $318,000. The investment produces no cash flows for the first year. In the second year, the cash inflow is $47,000. This inflow will...

Shinoda Corp. has 6 percent coupon bonds making annual payments with a YTM of 5.4 percent. The current yield on these bonds is 5.75 percent. How many years do these bonds have left until they mature?...