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.
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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.