ADM2303- Fall 2016 - Assignment 2 Part 2 Due by 23:59, Friday October 21 Complete solution must be in PDF format for full credit. Remember to include your signed academic integrity statement. Total marks: 30. Question\t1 You\tare\tplanning\ta\tnew\tbusiness\tselling\tgift\tbaskets\tto\tseniors.\tTo\tget\ta\tsense\tof\twhether\tyou\thave\tany chances\tof\tsuccess\twith\tyour\tbusiness,\tyou\tsurvey\ta\tnumber\tof\tpeople.\tYou\tknow\tsurvey\tdesign\tis\tvery difficult,\tso\tyou\ttry\ta\tfew\tdifferent\tquestions.\tOne\tof\tthem\tis:\tIf\tyou\twere\tto\tbuy\tone\tbasket\t(not\tmore), which\tone\twould\tyou\tchoose? Item Bath\tProducts\tBasket Food\tBasket Fitness\tBasket No\tbasket Price $35 $45 $85 n/a #\tRespondents 7 3 6 4 Please\tcalculate\tthe\tfollowing\tfor\tthe\tsales\tper\tpotential\tcustomer: a) Expected\tValue (1Pt) b) Variance\t(2Pt) c) Standard\tdeviation\t(1Pt) You\testimate\tthat\tthe\tcost\tof\tthe\titems\tin\tthe\tbasket\tcomes\tto\t65%\tof\tthe\tprice.\tPlease\tcalculate\tthe following\tfor\tthe\tprofits\tper\tpotential\tcustomer: a) Expected\tValue (1Pt) b) Variance\t(2Pt) c) Standard\tdeviation\t(1Pt) You\tthen realize\tthat\tyou\talso\thave\tto\tcover\tcosts\tassociated\twith\tacquiring\tthe\titems,\tpackaging\tand delivery.\tAs\tyou\tdon't\thave\tany\texperience\trunning\tthis\tbusiness\tyet,\tyou\tdecide\tto\tjust\tbudget\ta\tcertain amount,\t$15,\tfor\tthis. Calculate\tthe\tprofits\tper\tpotential\tcustomer\tagain: a) Expected\tValue (1Pt) b) Variance\t(2Pt) c) Standard\tdeviation\t(1Pt) Would\tthis\tbe\ta\tgood\tbusiness\tto\tstart?\t(Hint:\tUse\tthe\tanswers\tto\tthe\tprevious\tquestions\tto\tanswer\tthis question\tfrom\ta\tstatistical\tperspective)\t(1Pts) Question\t2 The\tReports\tand\tStats\tsection\tof\tOC\tTranspo\treports\ta\tnumber\tof\tstatistics\tregarding\tvarious\taspects\tof its\tlocal\ttransit\tservices. Under\t\"On-Time\tPerformance\