. A pet store owner is trying to decide whether to discontinue selling specialty clothes for pets. She suspects that only 4% of the customers buy specialty clothes for their pets and thinks thatshe might be able to replace the clothes with more profitable items. Before making a finaldecision, she decides to keep track of the total number of customers for a day and whetherthey purchase specialty clothes. a. The owner had 275 customers that day.Assuming this was a typical day for her store, what would be the mean and standard deviation of the number of customers who buy specialty clothes for their pets each day? b. Could we use a normal distribution to approximate the binomial distribution in thiscase? c. What is the probability of less than 9 customers purchasing specialty clothes for theirpets that day? d. What is the probability of more than 18 customers purchasing specialty clothes fortheir pets that day? e. Assuming that 18 customers bought specialty clothes on the specified day, the owner thought that her 4% estimate must have been too low.Provide reasoning for agreeingor disagreeing with the statement?
. A pet store owner is trying to decide whether to discontinue selling specialty clothes for pets. She suspects that only 4% of the customers buy specialty clothes for their pets and thinks thatshe might be able to replace the clothes with more profitable items. Before making a finaldecision, she decides to keep track of the total number of customers for a day and whetherthey purchase specialty clothes. a. The owner had 275 customers that day.Assuming this was a typical day for her store, what would be the mean and standard deviation of the number of customers who buy specialty clothes for their pets each day? b. Could we use a normal distribution to approximate the binomial distribution in thiscase? c. What is the probability of less than 9 customers purchasing specialty clothes for theirpets that day? d. What is the probability of more than 18 customers purchasing specialty clothes fortheir pets that day? e. Assuming that 18 customers bought specialty clothes on the specified day, the owner thought that her 4% estimate must have been too low.Provide reasoning for agreeingor disagreeing with the statement?
. A pet store owner is trying to decide whether to discontinue selling specialty clothes for pets. She suspects that only 4% of the customers buy specialty clothes for their pets and thinks thatshe might be able to replace the clothes with more profitable items. Before making a finaldecision, she decides to keep track of the total number of customers for a day and whetherthey purchase specialty clothes. a. The owner had 275 customers that day.Assuming this was a typical day for her store, what would be the mean and standard deviation of the number of customers who buy specialty clothes for their pets each day? b. Could we use a normal distribution to approximate the binomial distribution in thiscase? c. What is the probability of less than 9 customers purchasing specialty clothes for theirpets that day? d. What is the probability of more than 18 customers purchasing specialty clothes fortheir pets that day? e. Assuming that 18 customers bought specialty clothes on the specified day, the owner thought that her 4% estimate must have been too low.Provide reasoning for agreeingor disagreeing with the statement?
3. A pet store owner is trying to decide whether to discontinue selling specialty clothes for pets. She suspects that only 4% of the customers buy specialty clothes for their pets and thinks thatshe might be able to replace the clothes with more profitable items. Before making a finaldecision, she decides to keep track of the total number of customers for a day and whetherthey purchase specialty clothes. a. The owner had 275 customers that day.Assuming this was a typical day for her store, what would be the mean and standard deviation of the number of customers who buy specialty clothes for their pets each day? b. Could we use a normal distribution to approximate the binomial distribution in thiscase? c. What is the probability of less than 9 customers purchasing specialty clothes for theirpets that day? d. What is the probability of more than 18 customers purchasing specialty clothes fortheir pets that day? e. Assuming that 18 customers bought specialty clothes on the specified day, the owner thought that her 4% estimate must have been too low.Provide reasoning for agreeingor disagreeing with the statement?
Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
