COMMERCE 2QA3 Study Guide - Quiz Guide: Standard Deviation, Pearson Education, Convenience Store

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2QA3
• Professor: Fouzia Baki

Document Summary

Short answer - quiz a: at a local manufacturing plant, employees must complete new machine set ups within 30 minutes. = p(z > 2. 00) = 0. 0228 = 2. 28: p(x 25) = p. = p(z 0. 75) = 0. 7734: the owner of a pet store is trying to decide whether to discontinue selling specialty clothes for pets. She suspects that only 4% of the customers buy specialty clothes for their pets and thinks that she might be able to replace the clothes with more profitable items. Before making a final decision, she decides to keep track of the total number of customers for a day and whether they purchase specialty clothes: the owner had 275 customers that day. Answer: using the binomial model, mean: = np = (275)(0. 04) = 11. = 3. 25: since np = 11 and nq = 264, we expect at least 10 successes and at least 10 failures.