SOLUTION: According to the US Small Business Administration, small businesses provide 75% of the net new jobs added to the economy. Consider a random sample of 1000 new jobs. (a) Find th

Algebra ->  Probability-and-statistics -> SOLUTION: According to the US Small Business Administration, small businesses provide 75% of the net new jobs added to the economy. Consider a random sample of 1000 new jobs. (a) Find th      Log On


   



Question 615113: According to the US Small Business Administration, small businesses provide 75% of the net new jobs added to the economy. Consider a random sample of 1000 new jobs.
(a) Find the probability that the sample contains 800 new jobs provided by small businesses.
(b) What is the most likely number of new jobs to be provided by small businesses?
(c) Find and interpret the mean.

Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
According to the US Small Business Administration, small businesses provide 75% of the net new jobs added to the economy. Consider a random sample of 1000 new jobs.
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(a) Find the probability that the sample contains 800 new jobs provided by small businesses.
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Binomial Problem with n = 1000 and p = 0.75
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P(x = 800) = 1000C800*0.75^800*0.25^200 = 0.00002869
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(b) What is the most likely number of new jobs to be provided by small businesses?
mean = np = 1000*0.75 = 750
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(c) Find and interpret the mean.
Same answer as "b".
Cheers,
Stan H.