The owner of a small convenience store is trying to decide whether to discontinue selling magazines. He suspects that only 5% of the customers buy magazines and thinks that he might be able to sell something more profitable. Before making a final decision, he keeps track of the number of customers who buy magazines on a given day. a. On one day, he had 280 customers. Assuming this day was typical, what would be the mean and standard deviation of the number of customers who buy magazines each day? b. What is the probability that less than 10 people will buy a magazine that day? c. What is the probability that more than 20 people will buy a magazine that day?
The owner of a small convenience store is trying to decide whether to discontinue selling magazines. He suspects that only 5% of the customers buy magazines and thinks that he might be able to sell something more profitable. Before making a final decision, he keeps track of the number of customers who buy magazines on a given day. a. On one day, he had 280 customers. Assuming this day was typical, what would be the mean and standard deviation of the number of customers who buy magazines each day? b. What is the probability that less than 10 people will buy a magazine that day? c. What is the probability that more than 20 people will buy a magazine that day?
The owner of a small convenience store is trying to decide whether to discontinue selling magazines. He suspects that only 5% of the customers buy magazines and thinks that he might be able to sell something more profitable. Before making a final decision, he keeps track of the number of customers who buy magazines on a given day. a. On one day, he had 280 customers. Assuming this day was typical, what would be the mean and standard deviation of the number of customers who buy magazines each day? b. What is the probability that less than 10 people will buy a magazine that day? c. What is the probability that more than 20 people will buy a magazine that day?
2. The owner of a small convenience store is trying to decide whether to discontinue selling magazines. He suspects that only 5% of the customers buy magazines and thinks that he might be able to sell something more profitable. Before making a final decision, he keeps track of the number of customers who buy magazines on a given day. a. On one day, he had 280 customers. Assuming this day was typical, what would be the mean and standard deviation of the number of customers who buy magazines each day? b. What is the probability that less than 10 people will buy a magazine that day? c. What is the probability that more than 20 people will buy a magazine that day?
Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...
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