2. May is interested in purchasing the local hardware store in her home- town. After examining the store accounts for the past two years, she found that the store had been earning a gross amount of over $850 per day for 70% of the business days it was open. A random sample of n = 20 business days is selected from the last two years. Let X represent the number of days where the store earned over $850 gross. (a) notation. Justify your choice of distribution. Write down the probability distribution of X using the 'X ~ (b) the probability that in the sample the store will gross over $850 for the following numbers of days. If you wish, you can use notation such as P(X < ...) to write your answers e.g. for 2(b)i you can write P(X = 10) = .. Using Excel and providing the exact Excel functions you use, give i. exactly 10 business days ii. at least 10 business days iii. between 6 and 16 (inclusive) business days iv. fewer than 6 business days. (c) period of three months from the date of purchase. She then takes a random sample of 20 business days from those three months and finds that the store did gross over $850 per day for fewer than 6 business days in her sample. Do you think this should this make May suspect that p (the probability of grossing over $850 on a business day) is now less than 0.7? Explain your answer. May decides to purchase the store and records the accounts for a (d) i. If the value of p was 0.6, calculate P(X < 6) for a sample of n = 20. ii. Suggest a value of p that might mean that May would not have been surprised to find the store grossed over $850 for fewer than 6 business days, briefly explaining your answer.
2. May is interested in purchasing the local hardware store in her home- town. After examining the store accounts for the past two years, she found that the store had been earning a gross amount of over $850 per day for 70% of the business days it was open. A random sample of n = 20 business days is selected from the last two years. Let X represent the number of days where the store earned over $850 gross. (a) notation. Justify your choice of distribution. Write down the probability distribution of X using the 'X ~ (b) the probability that in the sample the store will gross over $850 for the following numbers of days. If you wish, you can use notation such as P(X < ...) to write your answers e.g. for 2(b)i you can write P(X = 10) = .. Using Excel and providing the exact Excel functions you use, give i. exactly 10 business days ii. at least 10 business days iii. between 6 and 16 (inclusive) business days iv. fewer than 6 business days. (c) period of three months from the date of purchase. She then takes a random sample of 20 business days from those three months and finds that the store did gross over $850 per day for fewer than 6 business days in her sample. Do you think this should this make May suspect that p (the probability of grossing over $850 on a business day) is now less than 0.7? Explain your answer. May decides to purchase the store and records the accounts for a (d) i. If the value of p was 0.6, calculate P(X < 6) for a sample of n = 20. ii. Suggest a value of p that might mean that May would not have been surprised to find the store grossed over $850 for fewer than 6 business days, briefly explaining your answer.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Question
![2.
May is interested in purchasing the local hardware store in her home-
town. After examining the store accounts for the past two years, she found that the
store had been earning a gross amount of over $850 per day for 70% of the business
days it was open. A random sample of n = 20 business days is selected from the
last two years. Let X represent the number of days where the store earned over
$850 gross.
Write down the probability distribution of X using the 'X ~
(a)
notation. Justify your choice of distribution.
(b)
the probability that in the sample the store will gross over $850 for the following
numbers of days. If you wish, you can use notation such as P(X < ...) to write
your answers e.g. for 2(b)i you can write P(X = 10) = ..
Using Excel and providing the exact Excel functions you use, give
i. exactly 10 business days
ii. at least 10 business days
iii. between 6 and 16 (inclusive) business days
iv. fewer than 6 business days.
(c)
period of three months from the date of purchase. She then takes a random
sample of 20 business days from those three months and finds that the store
did gross over $850 per day for fewer than 6 business days in her sample. Do
you think this should this make May suspect that p (the probability of grossing
over $850 on a business day) is now less than 0.7? Explain your answer.
May decides to purchase the store and records the accounts for a
(d)
i. If the value of p was 0.6, calculate P(X < 6) for a sample of n = 20.
ii. Suggest a value of p that might mean that May would not have been
surprised to find the store grossed over $850 for fewer than 6 business
days, briefly explaining your answer.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb9773707-c26e-4877-a9d7-e6752cf804d3%2F1895943e-5ec4-4829-aa1c-f7e44907162b%2Fwvy9iok_processed.png&w=3840&q=75)
Transcribed Image Text:2.
May is interested in purchasing the local hardware store in her home-
town. After examining the store accounts for the past two years, she found that the
store had been earning a gross amount of over $850 per day for 70% of the business
days it was open. A random sample of n = 20 business days is selected from the
last two years. Let X represent the number of days where the store earned over
$850 gross.
Write down the probability distribution of X using the 'X ~
(a)
notation. Justify your choice of distribution.
(b)
the probability that in the sample the store will gross over $850 for the following
numbers of days. If you wish, you can use notation such as P(X < ...) to write
your answers e.g. for 2(b)i you can write P(X = 10) = ..
Using Excel and providing the exact Excel functions you use, give
i. exactly 10 business days
ii. at least 10 business days
iii. between 6 and 16 (inclusive) business days
iv. fewer than 6 business days.
(c)
period of three months from the date of purchase. She then takes a random
sample of 20 business days from those three months and finds that the store
did gross over $850 per day for fewer than 6 business days in her sample. Do
you think this should this make May suspect that p (the probability of grossing
over $850 on a business day) is now less than 0.7? Explain your answer.
May decides to purchase the store and records the accounts for a
(d)
i. If the value of p was 0.6, calculate P(X < 6) for a sample of n = 20.
ii. Suggest a value of p that might mean that May would not have been
surprised to find the store grossed over $850 for fewer than 6 business
days, briefly explaining your answer.
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