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A particular brand, X, is known to have a market share of 35%. Suppose that in a survey, 2000 consum brand they prefer. The approximate probability that more than 700 consumers will say that they prefer brand X is (give your answer correct to 2 decimal places)

A particular brand, X, is known to have a market share of 35%. Suppose that in a survey, 2000 consum brand they prefer. The approximate probability that more than 700 consumers will say that they prefer brand X is (give your answer correct to 2 decimal places)

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
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A particular brand, X, is known to have a market share of 35%. Suppose that in a survey, 2000 consumers of the product áre asked Which brand they prefer. The approximate probability that more than 700 consumers will say that they prefer brand X is (give your answer correct to 2 decimal places)
Transcribed Image Text:A particular brand, X, is known to have a market share of 35%. Suppose that in a survey, 2000 consumers of the product áre asked Which brand they prefer. The approximate probability that more than 700 consumers will say that they prefer brand X is (give your answer correct to 2 decimal places)
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Givenp=0.35n=2000By using normal approximationMean(μ)=n×p=2000×0.35=700standard deviation(σ)=n×p×qq=1-p=1-0.35-0.65standard deviation(σ)=2000×0.35×0.65=21.33

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