Probability that shoppers will spend less than given value

Assignment Help Basic Statistics
Reference no: EM13149377

Based on past records, the probability is 0.7 that a person shopping at a certain store will spend less than $20.

a. What is the probability that 19 from a sample of 22 shoppers will spend less than $20?

b. What is the probability that at least 12 but not more than 17 from a sample of 22 shoppers will spend less than $20?

Reference no: EM13149377

Questions Cloud

Considering deferred compensation plans : Maroon Corporation is considering deferred compensation plans for its executive employees over the age of 55. All of the employees use the cash method of accounting.
Explain how a wage tax would affect the way : Show that for any level of output q, the minimum cost of producing q is $q. d. Explain how a 10% wage tax would affect the way in which the firm chooses to produce any given amount of output
Calculate the volume of so2 emitted : An electric power station annually burns 3.6 107 kg of coal containing 1.8 percent sulfur by mass. Calculate the volume of SO2 emitted at STP.
Dividends in arrears : XYZ Company has $20,000 of dividends in arrears. Based on this information, which of the following statements is false?
Probability that shoppers will spend less than given value : What is the probability that 19 from a sample of 22 shoppers will spend less than $20? What is the probability that at least 12 but not more than 17 from a sample of 22 shoppers will spend less than $20?
Determine equilibrium quantity : Now determine equilibrium quantity and graph the two equations to substantiate your answers and label these two graphs as Dl and SI.
Calculate the minimum number of grams of solid : Calculate the minimum number of grams of solid that must be combusted to provide the energy necessary to convert 2.50kg of from its solid form at -14.0 C to its liquid form at 60.0 C .
What is the accounting profit that fred would get in venture : What is the accounting profit that Fred would get in his venture? What is the economic profit that Fred would get in his venture? Would you recommend Fred go ahead with his venture? Why?
Three variables are appropriate explanatory : Briefly explain why the three variables are appropriate explanatory variables to predict the consumption of services or why they are related to consumption.

Reviews

Write a Review

Basic Statistics Questions & Answers

  Prices normally distributed with standard deviation

The average price of a personal computer is 949 assuming that the prices are normally distributed with a standard deviation of 100 what is the price that corresponds to the least expensive 10%.

  Simple linear regression model problem

A fellow researcher fits a simple linear regression model Yi = α + βXi + ui by least squares, but has doubts that the first least squares assumption E(ui |Xi) = 0 is correct for her data set.

  Limitations of nonparametrics tests

Can you tell me what are the advantages and limitations of applying nonparametric tests in solving business problems?

  Difference in mean number of miles traveled between groups

With a sample standard deviation of 33 miles. At the 0.05 level of significance is there a difference in the mean number of miles traveled between the two groups?

  Find the mean square of the treatment sum of squares

Find out the mean sum of squares of the treatment in one way ANOVA.The profits of individual traders in three departments, labelled by A, B and C, in a medium sized firm were recorded on one day.

  Explain analysis and type of sampling in study

What type of sampling was this study? What is your analysis of this approach? What are the advantages and disadvantages of this approach.

  Probability under uniform distribution over given interval

Temperature in a certain city for the month of June follows a uniform distribution over the interval 61º F to 91º F. What is the probability that a randomly selected June day has a temperature that exceeds 70º F?

  Range-variance-standard deviation

Given the following raw scores, calculate the following values: Range, Variance and Standard Deviation, show your calculations: Scores: 9, 7, 8, 4, 8, 8,7, 8, 9, 6, 3

  Probability related to packaging equipment company

Pretend you are in charge of a packaging equipment company that is filling boxes of cereal. From past experience we know the population's mean weight of the filled boxes is 300 grams (and we know the distribution of grams is approximately normal).

  Statistics-hypothesis test on population proportion

During a meeting, one hospital administrator indicated that 70% of the geriatric patients are males. What is the sample proportion of male patients?

  Test of hypothesis for difference between proportions

To market a new white wine, a winemaker decides to use two different advertising agencies one operating in the East and one in the West. After the white wine has been on the market for 8 months, independent random samples of wine drinkers are take..

  T-score on the risk taking scale

T-scores are used on some psychological tests, such as the MMPI. T-scores have a mean of 50 and a standard deviation of 10, and therefore a z-score of -1 (one standard deviation below the mean) would be converted to a T-score of 40.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd