Question 4 a) For a large group of sale prospects, it has been observed that 22 percent of those contacted personally by a sales representative will make a purchase. If a sales representative contacts 35 prospects: i) Determine the probability that 10 or more will make a purchase (include also correction of continuity). ii) Determine the probability that not more than 3 will make a purchase (include also correction of continuity). iii) In what condition does binomial distribution approximate to normal distribution?

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Utility theory

The utility theory in economics is stated based on an individual’s preferences. It explains the behavior of individuals. Depending on the assumption, people can be ranked in order of their preferences. In other words, utility means the property in an object that brings benefit, advantage, pleasure, well-being, welfare, good, or happiness.