You wanted to sell some merchandise you made like stickers, shirts, and hats. In order to gauge
Question:
You wanted to sell some merchandise you made like stickers, shirts, and hats. In order to gauge how much inventory you should order, you need to know how many people would buy your merchandise. Suppose that 38% of students would buy your merchandise.
You randomly sample 150 students and find 42% of them would buy your merchandise
1.What is the population proportion?
2.What is the distribution of p ^ (i.e. the mean and standard deviation)?
3.To break even on manufacturing and shipping costs, you need 35% of students to buy your merchandise. What is the probability that more than 35% of students would buy your merchandise?
4.What is the probability that at most, 42% of students would buy your merchandise?
Fundamentals of Thermodynamics
ISBN: 978-0471152323
6th edition
Authors: Richard E. Sonntag, Claus Borgnakke, Gordon J. Van Wylen