Answered: If a potential customer is exposed to 4…

If a potential customer is exposed to 4 promotions in a given month, what is the probability that the customer makes a purchase?

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Question

Your company has developed a probability of purchase model based upon

the number of promotions to which a customer has been exposed. The

dependent variable is the probability that a customer will make a purchase within

the following week (0-1). The independent variable is the number of promotions

to which the customer has been exposed over the past month.. The model appears

as follows:

Probability of Purchase = .2 + .075 (# of promotions exposed in past month)

If a potential customer is exposed to 4 promotions in a given month, what is the probability that the customer makes a purchase?

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