Web site for a specialty clothing retailer receives 1,000 hits on a particular day. From past experience it has been determined that every 1,000 hits results in 10 large sales of at least $500 and 100 small sales of less than $500. Assuming that all hits have the same probability of a sale, what is the probability of a large sale from a particular hit? What is the probability of a small sale? What is the probability of any sale?

Web site for a specialty clothing retailer receives 1,000 hits on a particular day. From past experience it has been determined that every 1,000 hits results in 10 large sales of at least $500 and 100 small sales of less than $500. Assuming that all hits have the same probability of a sale, what is the probability of a large sale from a particular hit? What is the probability of a small sale? What is the probability of any sale?

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Description: Q#1Web site for a specialty clothing retailer receives 1,000 hits on a particularday.From past experience it has been determined that every 1,000 hits resultsin 10 large sales of at least $500 and 100 small sales of less than $500.Assuming that all

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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Concept explainers

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.

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Question

Q#1
Web site for a specialty clothing retailer receives 1,000 hits on a particular
day.
From past experience it has been determined that every 1,000 hits results
in 10 large sales of at least $500 and 100 small sales of less than $500.
Assuming that all hits have the same probability of a sale, what is the
probability of a large sale from a particular hit? What is the probability of a
small sale? What is the probability of any sale?

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