According to Padgett Business Services, 20% of all small-business owners say the most important advice for starting a business is to prepare for long hours and hard work. Twenty-five percent say the most important advice is to have good financing ready. Nineteen percent say having a good plan is the most important advice; 18% say studying the industry is the most important advice; and 18% list other advice. Suppose 14 small business owners are contacted, and assume that the percentages hold for all small-business owners.a. What is the probability that none of the owners would say preparing for long hours and hard work is the most important advice?b. What is the probability that six or more owners would say preparing for long hours and hard work is the most important advice?c. What is the probability that exactly five owners would say having good financing ready is the most important advice?d. What is the expected number of owners who would say having a good plan is the most important advice? a. P(x = 0 long hours) = b. P(x ≥ 6 long hours) = c. P(x = 5 good financing) = d. Expected number =
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
According to Padgett Business Services, 20% of all small-business owners say the most important advice for starting a business is to prepare for long hours and hard work. Twenty-five percent say the most important advice is to have good financing ready. Nineteen percent say having a good plan is the most important advice; 18% say studying the industry is the most important advice; and 18% list other advice. Suppose 14 small business owners are contacted, and assume that the percentages hold for all small-business owners.
a. What is the
b. What is the probability that six or more owners would say preparing for long hours and hard work is the most important advice?
c. What is the probability that exactly five owners would say having good financing ready is the most important advice?
d. What is the expected number of owners who would say having a good plan is the most important advice?
a. P(x = 0 long hours) =
b. P(x ≥ 6 long hours) =
c. P(x = 5 good financing) =
d. Expected number =
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