A recent news article states that business ethics are at an all-time low. The article claims...

 

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A recent news article states that business ethics are at an all-time low. The article claims that 38% of all employees believe their company president possesses low ethical standards. Suppose 8 of a company's employees are randomly and independently sampled and asked if they believe the company president has low ethical standards (the accepted replies are either "yes" or 'no"). 1. Explain how this scenario represents a binomial experiment. Explain all four conditions of a binomial probability experiment that must be met, in the context of the scenario. (See pg. 309.) 2. A "yes" response is considered as a "success" for this experiment. (That does not imply that it's good to have low ethical standards; it's just the reply being counted!) The value for n is: The value for p is: 3. Use StatCrunch to determine each of the following probabilities. Write each statement using the correct inequality notation [for example, P(X> 4) or P( 2 < X <7)] and then give the value. Copy-and-paste your StatCrunch output and include it with your solution. Round all probabilities to four decimal places. a. The probability that between 2 and 6 of the 8 sampled, inclusive, responded with "yes" b. The probability that fewer than 4 responded with "yes" c. The probability that at least 5 responded with "yes" d. Calculate the mean and standard deviation of the distribution. Show your work. A recent news article states that business ethics are at an all-time low. The article claims that 38% of all employees believe their company president possesses low ethical standards. Suppose 8 of a company's employees are randomly and independently sampled and asked if they believe the company president has low ethical standards (the accepted replies are either "yes" or 'no"). 1. Explain how this scenario represents a binomial experiment. Explain all four conditions of a binomial probability experiment that must be met, in the context of the scenario. (See pg. 309.) 2. A "yes" response is considered as a "success" for this experiment. (That does not imply that it's good to have low ethical standards; it's just the reply being counted!) The value for n is: The value for p is: 3. Use StatCrunch to determine each of the following probabilities. Write each statement using the correct inequality notation [for example, P(X> 4) or P( 2 < X <7)] and then give the value. Copy-and-paste your StatCrunch output and include it with your solution. Round all probabilities to four decimal places. a. The probability that between 2 and 6 of the 8 sampled, inclusive, responded with "yes" b. The probability that fewer than 4 responded with "yes" c. The probability that at least 5 responded with "yes" d. Calculate the mean and standard deviation of the distribution. Show your work.

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This scenario represents a binomial experiment because a Experiments consist of a fixed number of trials In this case 8 employees are randomly selecte... View the full answer