Recently, a regional automobile dealership sent out fliers to perspective customers, indicating that they had already won
Question:
a. How many fliers do you think the automobile dealership sent out?
b. Using your answer to (a) and the probabilities listed on the flier, what is the expected value of the prize won by a prospective customer receiving a flier?
c. Using your answer to (a) and the probabilities listed on the flier, what is the standard deviation of the value of the prize won by a prospective customer receiving a flier?
d. Do you think this is an effective promotion? Why or why not?
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Related Book For
Basic Business Statistics Concepts And Applications
ISBN: 9780132168380
12th Edition
Authors: Mark L. Berenson, David M. Levine, Timothy C. Krehbiel
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