Question: Your firm has decided to interview a random sample of 10 customers in order to determine whether or not to change a consumer product. Your

Your firm has decided to interview a random sample of 10 customers in order to determine whether or not to change a consumer product. Your main competitor has already done a similar but much larger study and has concluded that exactly 86% of consumers approve of the change. Unfortunately, your firm does not have access to this information (but you may use this figure in your computations here).
a. What is the name of the probability of the number of consumers who will approve of the change in your study?
b. What is the expected number of people, out of the 10 you will interview, who will approve of the change?
c. What is the standard deviation of the number of people, out of the 10 you will interview, who will approve of the change?
d. What is the expected percentage of people, out of the 10 you will interview, who will approve of the change?
e. What is the standard deviation of the percentage of people, out of the 10 you will interview, who will approve of the change?
f. What is the probability that exactly eight of your interviewed customers will approve of the change?
g. What is the probability that eight or more of your interviewed customers will approve of the change?

Step by Step Solution

★★★★★

3.43 Rating (159 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a The binomial distribution b The expected number is 086 10 86 c T... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

636-M-S-C-R-V (889).docx

120 KBs Word File

Students Have Also Explored These Related Statistics Questions!

You interview a random sample of 50 adults. The results of the survey show that 48% of the adults said they were more likely to buy a product when there are free samples. At = 0.05, can you reject...

The book Survey Responses: An Evaluation of Their Validity, by E. J. Wentland and K. Smith (Academic Press), includes studies reporting the accuracy of answers to questions from surveys. A study by...

You interview a random sample of 100 adults. The results of the survey show that 59% of the adults said they live in ways that help protect the environment some of the time. At = 0.05, can you...

help me please question 1 Time Value of Money - A key financial principle stating that a dollar today is worth more than a dollar tomorrow. The present value of money is the value today of a cash...

\fThis is an electronic version of the print textbook. Due to electronic rights restrictions, some third party content may be suppressed. Editorial review has deemed that any suppressed content does...

1 (1 point) You own a small storefront retail business and are interested in determining the average amount of money a typical customer spends per visit to your store. You take a random sample over...

What's one important idea presented in this paper? Why does the author think the idea is important? Is that idea important to you? Why or why not? The Importance of Human Domain Knowledge and...

Set Student Name: 1. Describe the relationship between two variables that have a correlation coefficient value: a. Near -1 b. Near 0 c. Near 1 2. Data was collected where a weightlifter was asked to...

Please create an excel spreadsheet with formulas for requirement 5 (pages 24-27)and requirement 6 (pages 28-31)only. Please submit in excel format. Both questions and answers are provided for...

please help me with these questions thank you QUESTION 1 In conjunction with the housing foreclosure crisis of 2009, many economists expressed increasing concern about the level of credit card debt...

Jamie decides to contribute cash and property to a partnership she and her friends started. She contributes a building worth $260,000 that has an adjusted basis of $100,000 and she also contributes...

On January 1,Year 1 Abu Company acquired 5-year, 15%, P8,000,000 face value bonds for P8,274,646. Based on the company's business model and the contractual cash flow collectible from this instrument,...

Consider the following function prototypes. Which would correctly allow for an array of integers to be passed as an argument?

Why do managers require knowledge of OB?

If the range of X is the set {0, 1, 2, 3, 4} and P(X =x) =0.2 determine the mean and variance of the random variable.

Determine the mean and variance of the random variable in Exercise 3-17.

Determine the mean and variance of the random variable in Exercise 3-19.

After studying Iris Hamson's credit analysis, George Davies is considering whether he can increase the holding period return on Yucatan Resort's excess cash holdings (which are held in pesos) by...

Please only answer the incorrect answers in Part B. Thank you! The following is a list of prices for zero-coupon bonds of various maturities, a. Calculate the yield to maturity for a bond with a...

What is the price of a bond with a coupon rate of 6%, payable annually, a face value of $1000, 14 years to maturity, and a yield to maturity of 5,5%? Enter your response below. Enter your answer to 2...