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A First Course in Probability (10th Edition)
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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### Survey on Consumer Buying Decisions A survey of 2,645 consumers conducted by DDB Needham Worldwide revealed insights into the factors influencing consumer buying decisions. Here are the key findings: - **Handling Crises**: 73% of consumers stated that how a company handles a crisis when at fault influences their buying decisions. - **Quality of Product**: This was identified as the top influence, with 96% of consumers claiming it affects their decisions. - **Handling Complaints**: This was the second most significant factor, with 85% reporting it as influential. Suppose a random sample of 1,100 consumers is taken, and each is asked which of these three factors affect their buying decisions. #### Probability Calculations 1. **Handling Crises Influence**: - **Question**: What is the probability that more than 860 consumers claim that how a company handles a crisis when at fault is an influence in their buying decisions? - **Instructions**: Round the values of z to 2 decimal places (e.g., 0.75). Round intermediate values to 4 decimal places (e.g., 0.7589). Round the final answer to 4 decimal places. 2. **Quality Influence**: - **Question**: What is the probability that fewer than 1,030 consumers claim that the quality of a product is an influence in their buying decisions? - **Instructions**: Round the values of z to 2 decimal places (e.g., 0.75). Round intermediate values to 4 decimal places (e.g., 0.7589). Round your answer to 5 decimal places. 3. **Handling Complaints Influence**: - **Question**: What is the probability that between 82% and 83% of consumers claim that how a company handles complaints is an influence in their buying decisions? - **Instructions**: Round the values of z to 2 decimal places (e.g., 0.75). Round intermediate values to 4 decimal places (e.g., 0.7589). Round your answer to 4 decimal places. Please use these guidelines to compute the probabilities based on the survey data.
Transcribed Image Text:### Survey on Consumer Buying Decisions A survey of 2,645 consumers conducted by DDB Needham Worldwide revealed insights into the factors influencing consumer buying decisions. Here are the key findings: - **Handling Crises**: 73% of consumers stated that how a company handles a crisis when at fault influences their buying decisions. - **Quality of Product**: This was identified as the top influence, with 96% of consumers claiming it affects their decisions. - **Handling Complaints**: This was the second most significant factor, with 85% reporting it as influential. Suppose a random sample of 1,100 consumers is taken, and each is asked which of these three factors affect their buying decisions. #### Probability Calculations 1. **Handling Crises Influence**: - **Question**: What is the probability that more than 860 consumers claim that how a company handles a crisis when at fault is an influence in their buying decisions? - **Instructions**: Round the values of z to 2 decimal places (e.g., 0.75). Round intermediate values to 4 decimal places (e.g., 0.7589). Round the final answer to 4 decimal places. 2. **Quality Influence**: - **Question**: What is the probability that fewer than 1,030 consumers claim that the quality of a product is an influence in their buying decisions? - **Instructions**: Round the values of z to 2 decimal places (e.g., 0.75). Round intermediate values to 4 decimal places (e.g., 0.7589). Round your answer to 5 decimal places. 3. **Handling Complaints Influence**: - **Question**: What is the probability that between 82% and 83% of consumers claim that how a company handles complaints is an influence in their buying decisions? - **Instructions**: Round the values of z to 2 decimal places (e.g., 0.75). Round intermediate values to 4 decimal places (e.g., 0.7589). Round your answer to 4 decimal places. Please use these guidelines to compute the probabilities based on the survey data.
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