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You randomly select five owners who participated in the survey and ask each one of them which business skills he or she wants to develop further. Let x represent the number who said financial management was the skill they wanted to develop further. The table: Customer Service 63% Marketing/sales 58% Financial Management 48% Decision making 40% Negotiations 30% a. Construct a binomial distribution and sketch the histogram. b. Find the probability that exactly two owners will say "financial management." C. Find the probability that fewer than four owners will say "financial management."

You randomly select five owners who participated in the survey and ask each one of them which business skills he or she wants to develop further. Let x represent the number who said financial management was the skill they wanted to develop further. The table: Customer Service 63% Marketing/sales 58% Financial Management 48% Decision making 40% Negotiations 30% a. Construct a binomial distribution and sketch the histogram. b. Find the probability that exactly two owners will say "financial management." C. Find the probability that fewer than four owners will say "financial management."

MATLAB: An Introduction with Applications
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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Normal text Nünito 12 B IU 2 3 4 TI 5 You randomly select five owners who participated in the survey and ask each one of them which business skills he or she wants to develop further. Let x represent the number who said financial management was the skill they wanted to develop further. The table: Customer Service 63% Marketing/sales 58% Financial Management 48% Decision making 40% Negotiations 30% a. Construct a binomial distribution and sketch the histogram. b. Find the probability that exactly two owners will say "financial management." C. Find the probability that fewer than four owners will say "financial management." d. Based on the table above, it is obvious that business owners could make more than one choice in the survey (since the percentages sum to well above 100%). Joaquin (a probability and statistics student) suggests that he could find the probability of owners who did not say “Negotiations" and "Decision making" by setting p = 0.30 and q = 0.70. How did Joaquin arrive at his values for p and q? Is Joaquin's logic correct, namely that he could find the probability of those owners who did not say "Negotiations" and "Decision making"? EXplain. F9 F10 F5 F6 F7 F8 F3 F4 %23 近
Transcribed Image Text:Normal text Nünito 12 B IU 2 3 4 TI 5 You randomly select five owners who participated in the survey and ask each one of them which business skills he or she wants to develop further. Let x represent the number who said financial management was the skill they wanted to develop further. The table: Customer Service 63% Marketing/sales 58% Financial Management 48% Decision making 40% Negotiations 30% a. Construct a binomial distribution and sketch the histogram. b. Find the probability that exactly two owners will say "financial management." C. Find the probability that fewer than four owners will say "financial management." d. Based on the table above, it is obvious that business owners could make more than one choice in the survey (since the percentages sum to well above 100%). Joaquin (a probability and statistics student) suggests that he could find the probability of owners who did not say “Negotiations" and "Decision making" by setting p = 0.30 and q = 0.70. How did Joaquin arrive at his values for p and q? Is Joaquin's logic correct, namely that he could find the probability of those owners who did not say "Negotiations" and "Decision making"? EXplain. F9 F10 F5 F6 F7 F8 F3 F4 %23 近
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