Lori Jeffrey is a successful sales representative for a major publisher of college textbooks. Historically, Lori obtains
Question:
Lori Jeffrey is a successful sales representative for a major publisher of college textbooks. Historically, Lori obtains a book adoption on 25% of her sales calls. Viewing her sales calls for one month as a sample of all possible sales calls, assume that a statistical analysis of the data yields a standard error of the proportion of .0625.
a. How large was the sample used in this analysis? That is, how many sales calls did Lori make during the month?
b. Let p indicate the sample proportion of book adoptions obtained during the month. Show the sampling distribution of ṕ.
c. Using the sampling distribution of ṕ, compute the probability that Lori will obtain book adoptions on 30% or more of her sales calls during a one-month period.
DistributionThe word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
Step by Step Answer:
Essentials Of Statistics For Business And Economics
ISBN: 9781305081598
7th Edition
Authors: David Anderson, Thomas Williams, Dennis Sweeney, Jeffrey Cam