31You see a TV commercial that states that “seven out of ten physicians surveyed prefer the ingredients in pain reliever X to plain aspirin.” You write the company because you are curious about the survey, and to your amazement, you find that the survey was of exactly ten physicians. Suppose the population of physicians was indifferent as to the advertised product and plain aspirin, that is, 50% preferred aspirin and 50% preferred the advertised product. What is the probability that a survey of ten randomly selected physicians would find seven or more who preferred the advertised product? a0.0619 b0.1031 c0.1719 d0.2265

Answered: You see a TV commercial that states…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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31	You see a TV commercial that states that “seven out of ten physicians surveyed prefer the ingredients in pain reliever X to plain aspirin.” You write the company because you are curious about the survey, and to your amazement, you find that the survey was of exactly ten physicians. Suppose the population of physicians was indifferent as to the advertised product and plain aspirin, that is, 50% preferred aspirin and 50% preferred the advertised product. What is the probability that a survey of ten randomly selected physicians would find seven or more who preferred the advertised product?


a	0.0619
b	0.1031
c	0.1719
d	0.2265

Expert Solution

Step 1

Answer

Explanation

P(Seven or more who preferred the advertised product)

= P(X ≥ 7) = 1 - P(X<7)

= 1 - P(X ≤6)

= 1 - binomdist (6, 10, 0.50, TRUE) [Excel

Formula]

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