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Statistics / Statistical Techniques in Business and Economics 15 / Chapter 6 / Problem 53

Statistical Techniques in Business and Economics | 15th Edition | ISBN: 9780073401805 | Authors: Douglas Lind, William Marchal, Samuel Wathen

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A recent study conducted by Penn, Shone, and Borland, on behalf of LastMinute.com

Chapter 0, Problem 53

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QUESTION:

A recent study conducted by Penn, Shone, and Borland, on behalf of LastMinute.com, revealed that 52 percent of business travelers plan their trips less than two weeks before departure. The study is to be replicated in the tri-state area with a sample of 12 frequent business travelers. a. Develop a probability distribution for the number of travelers who plan their trips within two weeks of departure. b. Find the mean and the standard deviation of this distribution. c. What is the probability exactly 5 of the 12 selected business travelers plan their trips within two weeks of departure? d. What is the probability 5 or fewer of the 12 selected business travelers plan their trips within two weeks of departure?

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QUESTION:

A recent study conducted by Penn, Shone, and Borland, on behalf of LastMinute.com, revealed that 52 percent of business travelers plan their trips less than two weeks before departure. The study is to be replicated in the tri-state area with a sample of 12 frequent business travelers. a. Develop a probability distribution for the number of travelers who plan their trips within two weeks of departure. b. Find the mean and the standard deviation of this distribution. c. What is the probability exactly 5 of the 12 selected business travelers plan their trips within two weeks of departure? d. What is the probability 5 or fewer of the 12 selected business travelers plan their trips within two weeks of departure?

ANSWER:

Step 1 of 5

Sample size of business travelers

Probability that business travelers plan their trips less than two weeks before departure or

a. The probability distribution for the number of travelers who plan their trips within two

Let be the number of travelers who plan their trips within two weeks of departure where .

Probability that travelers plan their trips before departure is

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