A department store will place a sale item in a special display for a one-day sale. Previous experience suggests that 29 percent of allcustomers who pass such a special display will purchase the item. If 2,027 customers will pass the display on the day of the sale, and ifa one-item-per-customer limit is placed on the sale item, how many units of the sale item should the store stock in order to have atmost a 1 percent chance of running short of the item on the day of the sale? Assume here that customers make independent purchasedecisions. (Round your answer to nearest whole number.)Number of units

Answered: A department store will place a sale…

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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Many investors and financial analysts believe the Dow Jones Industrial Average (DJIA) gives a good barometer of the overall stock market. On January 31, 2006, 9 of the 30 stocks making up the DJIA increased in price (The Wall Street Journal, February 1, 2006). On the basis of this fact, a financial analyst claims we can assume that 30% of the stocks traded on the New York Stock Exchange (NYSE) went up the same day. A sample of 80 stocks traded on the NYSE that day showed that 22 went up. You are conducting a study to see if the proportion of stocks that went up is is significantly less than 0.3. You use a significance level of a = 0.005. What is the test statistic for this sample? (Report answer accurate to three decimal places.) test statistic = What is the p-value for this sample? (Report answer accurate to four decimal places.) p-value =
Preferred Investment Instrument Survey A survey of a random sample of 450 workers asked them to identify their preferred investment instrument for retirement saving products. a. Company pension fund b. Retirement annuity С. Unit trust linked funds d. Properties е. National lottery The survey found that 58% selected a company pension fund, 22% chose the retirement annuity, 10% chose unit trust linked funds, while 8% believed properties were the best option and the remainder selected the national lottery as the way to save for retirement. The aim of the study is to describe the opinions of all workers' views in South Africa. The survey also collected the saving values of the 450 workers and complied the following numeric frequency distribution table: Saving Values Frequency R 500 to less than R1 000 120 R1 000 to less than R1 500 98 R1 500 to less than R 2 000 180 R2 000 to less than R2 500 32 R2 500 to less than R3 000 20 Source: Lai, K. (2020)
Assuming that workers' salaries in your company are uniformly distributed between $10,000 and $50,000 per year. Find the amount of money that 35% of the workers make more than that value?
Many investors and financial analysts believe the Dow Jones Industrial Average (DJIA) gives a good barometer of the overall stock market. On January 31, 2006, 9 of the 30 stocks making up the DJIA increased in price (The Wall Street Journal, February 1, 2006). On the basis of this fact, a financial analyst claims we can assume that 30% of the stocks traded on the New York Stock Exchange (NYSE) went up the same day.A sample of 80 stocks traded on the NYSE that day showed that 11 went up.You are conducting a study to see if the proportion of stocks that went up is is significantly less than 0.3. You use a significance level of α=0.02α=0.02.What is the test statistic for this sample? (Report answer accurate to three decimal places.)test statistic = What is the p-value for this sample? (Report answer accurate to four decimal places.)p-value = The p-value is... less than (or equal to) αα greater than αα This test statistic leads to a decision to... reject the null accept the null fail…
Insurance companies are interested in knowing the population proportion of drivers who always buckle up before riding in a car.When designing a study to determine this population proportion, what is the minimum number of drivers you would need to survey to be 95% confident that the population proportion is estimated to within 0.05?
Use the given conditions to write an equation for the line in point-slope form and in slope-intercept form. x-intercept = 315 == 15 and y-intercept = 1 Type the point-slope form of the equation of the line. 7 (Use integers or simplified fractions for any numbers in the equation.)
Anita's, a fast-food chain specializing in hot dogs and garlic fries, keeps track of the proportion of its customers who decide to eat in the restaurant (as opposed to ordering the food "to go"), so it can make decisions regarding the possible construction of in-store play areas, the attendance of its mascot Sammy at the franchise locations, and so on. Anita's reports that 45% of its customers order their food to go. If this proportion is correct, what is the probability that, in a random sample of 5 customers at Anita's, exactly 3 order their food to go?
Anita's, a fast-food chain specializing in hot dogs and garlic fries, keeps track of the proportion of its customers who decide to eat in the restaurant (as opposed to ordering the food "to go"), so it can make decisions regarding the possible construction of in-store play areas, the attendance of its mascot Sammy at the franchise locations, and so on. Anita's reports that 45% of its customers order their food to go. If this proportion is correct, what is the probability that, in a random sample of 4 customers at Anita's, exactly 3 order their food to go? Round your response to at least three decimal places. (If necessary, consult a list of formulas.)
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To boost holiday sales, Ginsberg jewelry store is advertising the following promotion: “If more than five inches of snow fall in the first three days of the year (January 1 through January 3), all purchases made between Thanksgiving and Christmas are free!” Based on historical sales records as well as experience with past promotions, the store manager believes that the total holiday sales between Thanksgiving and Christmas could range anywhere between $200,000 and $400,000 but is unsure of anything more specific. Ginsberg has collected data on snowfall from December 16 to January 18 for the past several winters in the file Ginsberg. Construct a simulation model to assess potential refund amounts so that Ginsberg can evaluate the option of purchasing an insurance policy to cover potential losses. What is the probability that Ginsberg will have to refund sales? What is the average refund? Why is this a poor measure to use to assess risk? In the cases when snowfall exceeds 5…

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