Marketing and consumer behavior

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Reference no: EM131426350

Marketing and Consumer Behavior

Kohl's is running a sale in which customers may save as much as 40% on any purchase. Once a customer decides to make a purchase, he selects two sales prize tickets at random from a large bin at the front of the store. Each ticket has a percentage marked on it, and the probability of selecting each ticket is given in the table below

Percentage	10%	20%	30%	40%
Probability	0.50	0.35	0.10	0.05

The larger of the two percentages selected is used for the purchase.

a. Let X be the maximum of the two prize ticket percentages. Find the probability distribution for X.

b. Find the mean, variance, and standard deviation of X.

c. What is the probability that a customer will receive at least 20% off on his or her purchase?

Reference no: EM131426350

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