SOLUTION: J.D. Power and Associates says that 60 percent of car buyers now use the Internet for research and price comparisons. (a) Find the probability that in a sample of 8 car buyers, all
Algebra.Com
Question 263819: J.D. Power and Associates says that 60 percent of car buyers now use the Internet for research and price comparisons. (a) Find the probability that in a sample of 8 car buyers, all 8 will use the Internet; (b) at least 5; (c) more than 4. (d) Find the mean and standard deviation of the probability distribution. (e) Sketch the PDF (using Excel or Appendix A) and describe its appearance (e.g., skewness). (Data are from J. Paul Peter and Jerry C. Olson, Consumer Behavior and Marketing Strategy, 7th ed. [McGraw-Hill/Irwin, 2005], p. 188.)
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
J.D. Power and Associates says that 60 percent of car buyers now use the Internet for research and price comparisons.
(a) Find the probability that in a sample of 8 car buyers, all 8 will use the Internet;
Ans: 0.6^8
---------------
(b) at least 5
P(5<= x <= 8) = 1 - binomcdf(8,0.6,4) = 0.5941
----------------------------
(c) more than 4.
P(5<= x <=8) = 0.5941
----------------------------
(d) Find the mean and standard deviation of the probability distribution.
mean = np = 8*0.6 = 4.8
std = sqrt(npq) = sqrt(4.8*0.4) = 1.3856....
------------------------------
(e) Sketch the PDF (using Excel or Appendix A) and describe its appearance (e.g., skewness).
Flater to the left of the mean because p > 0.5
Other?
==========================================
Cheers,
Stan H.
==============================
RELATED QUESTIONS
J.D. Power and Associates says that 60% of car buyers now use the Internet for research... (answered by stanbon)
"J.D power and associates says that 60 percent of car buyers now use the internet
for... (answered by stanbon)
J.D. Power and Associates says that 60 percent of car buyers now use the Internet for... (answered by stanbon)
Purchasing magazine reported the results of a survey in which buyers were asked a series... (answered by ikleyn)
The graph illustrates a normal distribution for the prices paid for a particular model of (answered by Boreal)
The graph illustrates a normal distribution for the prices paid for a particular model of (answered by Theo)
Toyota provides an opinion of a sunroof and side airbag package for its corolla model.... (answered by Boreal)
Toyota provides an opinion of a sunroof and side air bag package for its corolla model.... (answered by solve_for_x)
Q.No.4. (a) Sixty percent of all buyers of new cars choose automatic transmissions. For a (answered by CPhill)