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Exercise 7-15 Algo A small hair salon in Denver, Colorado, averages about 88 customers on weekdays with a standard deviation of 8. It is safe to assume that the underlying distribution is normal. In an attempt to increase the number of weekday customers, the manager offers a $5 discount on 5 consecutive weekdays. She reports that her strategy has worked since the sample mean of customers during this 5 weekday period jumps to 95. [You may find it useful to reference the z table.] a. What is the probability to get a sample average of 95 or more customers if the manager had not offered the discount? (Round final answer to 4 decimal places.) Probability b. Do you feel confident that the manager's discount strategy has worked? O No, there is good chance (more than 5%) of getting 95 or more customers without the discount. O No, there is only a small chance (less than 5%) of getting 95 or more customers without the discount. O Yes, there is good chance (more than 5%) of getting 95 or more customers without the discount. Yes, there is only a small chance (less than 5%) of getting 95 or more customers without the discount.

Exercise 7-15 Algo A small hair salon in Denver, Colorado, averages about 88 customers on weekdays with a standard deviation of 8. It is safe to assume that the underlying distribution is normal. In an attempt to increase the number of weekday customers, the manager offers a $5 discount on 5 consecutive weekdays. She reports that her strategy has worked since the sample mean of customers during this 5 weekday period jumps to 95. [You may find it useful to reference the z table.] a. What is the probability to get a sample average of 95 or more customers if the manager had not offered the discount? (Round final answer to 4 decimal places.) Probability b. Do you feel confident that the manager's discount strategy has worked? O No, there is good chance (more than 5%) of getting 95 or more customers without the discount. O No, there is only a small chance (less than 5%) of getting 95 or more customers without the discount. O Yes, there is good chance (more than 5%) of getting 95 or more customers without the discount. Yes, there is only a small chance (less than 5%) of getting 95 or more customers without the discount.

MATLAB: An Introduction with Applications
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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Exercise 7-15 Algo A small hair salon in Denver, Colorado, averages about 88 customers on weekdays with a standard deviation of 8. It is safe to assume that the underlying distribution is normal. In an attempt to increase the number of weekday customers, the manager offers a $5 discount on 5 consecutive weekdays. She reports that her strategy has worked since the sample mean of customers during this 5 weekday period jumps to 95. [You may find it useful to reference the z table.] a. What is the probability to get a sample average of 95 or more customers if the manager had not offered the discount? (Round final answer to 4 decimal places.) Probability b. Do you feel confident that the manager's discount strategy has worked? O No, there is good chance (more than 5%) of getting 95 or more customers without the discount. O No, there is only a small chance (less than 5%) of getting 95 or more customers without the discount. O Yes, there is good chance (more than 5%) of getting 95 or more customers without the discount. Yes, there is only a small chance (less than 5%) of getting 95 or more customers without the discount.
Transcribed Image Text:Exercise 7-15 Algo A small hair salon in Denver, Colorado, averages about 88 customers on weekdays with a standard deviation of 8. It is safe to assume that the underlying distribution is normal. In an attempt to increase the number of weekday customers, the manager offers a $5 discount on 5 consecutive weekdays. She reports that her strategy has worked since the sample mean of customers during this 5 weekday period jumps to 95. [You may find it useful to reference the z table.] a. What is the probability to get a sample average of 95 or more customers if the manager had not offered the discount? (Round final answer to 4 decimal places.) Probability b. Do you feel confident that the manager's discount strategy has worked? O No, there is good chance (more than 5%) of getting 95 or more customers without the discount. O No, there is only a small chance (less than 5%) of getting 95 or more customers without the discount. O Yes, there is good chance (more than 5%) of getting 95 or more customers without the discount. Yes, there is only a small chance (less than 5%) of getting 95 or more customers without the discount.
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