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Junk mail Direct mail advertisers send solicitations (a.k.a. junk mail) to thousands of

Stats Modeling the World | 4th Edition | ISBN: 9780321854018 | Authors: David E. Bock, Paul F. Velleman, Richard D. De Veaux ISBN: 9780321854018 481

Solution for problem 18 Chapter 18

Stats Modeling the World | 4th Edition

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Stats Modeling the World | 4th Edition | ISBN: 9780321854018 | Authors: David E. Bock, Paul F. Velleman, Richard D. De Veaux

Stats Modeling the World | 4th Edition

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18
1
Problem 18

Junk mail Direct mail advertisers send solicitations (a.k.a. junk mail) to thousands of potential customers in the hope that some will buy the companys product. The acceptance rate is usually quite low. Suppose a company wants to test the response to a new flyer, and sends it to 1000 people randomly selected from their mailing list of over 200,000 people. They get orders from 123 of the recipients. a) Create a 90% confidence interval for the percentage of people the company contacts who may buy something. b) Explain what this interval means. c) Explain what 90% confidence means. d) The company must decide whether to now do a mass mailing. The mailing wont be cost-effective unless it produces at least a 5% return. What does your confidence interval suggest? Explain.

Step-by-Step Solution:
Step 1 of 3

1 STAT 145 Introduction to Statistics 1 Chapter 3 ­ Numerically Summarizing Data Terms ​ ormulas 3.1 Measures of Central Tendency Objectives: ​Understand Mean, Median, and Mode Arithmetic Mean: ​The sum of ALL values or the number of observations Median: ​ Mid value of the data when it is in ascending order Mode: M ​ ost frequent occurrence in the data set Range: ​Difference between the largest and smallest data values EX.

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Chapter 18, Problem 18 is Solved
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Textbook: Stats Modeling the World
Edition: 4
Author: David E. Bock, Paul F. Velleman, Richard D. De Veaux
ISBN: 9780321854018

The full step-by-step solution to problem: 18 from chapter: 18 was answered by , our top Statistics solution expert on 03/16/18, 04:57PM. Stats Modeling the World was written by and is associated to the ISBN: 9780321854018. This textbook survival guide was created for the textbook: Stats Modeling the World, edition: 4. Since the solution to 18 from 18 chapter was answered, more than 230 students have viewed the full step-by-step answer. The answer to “Junk mail Direct mail advertisers send solicitations (a.k.a. junk mail) to thousands of potential customers in the hope that some will buy the companys product. The acceptance rate is usually quite low. Suppose a company wants to test the response to a new flyer, and sends it to 1000 people randomly selected from their mailing list of over 200,000 people. They get orders from 123 of the recipients. a) Create a 90% confidence interval for the percentage of people the company contacts who may buy something. b) Explain what this interval means. c) Explain what 90% confidence means. d) The company must decide whether to now do a mass mailing. The mailing wont be cost-effective unless it produces at least a 5% return. What does your confidence interval suggest? Explain.” is broken down into a number of easy to follow steps, and 130 words. This full solution covers the following key subjects: . This expansive textbook survival guide covers 31 chapters, and 1357 solutions.

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