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Business / Basic Statistics for Business and Economics 7 / Chapter 1 / Problem 16E

Basic Statistics for Business and Economics | 7th Edition | ISBN: 9780077384470 | Authors: Douglas Lind; William Marchal; Samuel Wathen

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AVX Stereo Equipment, Inc., recently began a “no-hassles”

Chapter 1, Problem 16E

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QUESTION:

Problem 16E

AVX Stereo Equipment, Inc., recently began a “no-hassles” return policy. A sample of 500 customers who had recently returned items showed 400 thought the policy was fair, 32 thought it took too long to complete the transaction, and the rest had no opinion. On the basis of this information, make an inference about customer reaction to the new policy.

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QUESTION:

Problem 16E

AVX Stereo Equipment, Inc., recently began a “no-hassles” return policy. A sample of 500 customers who had recently returned items showed 400 thought the policy was fair, 32 thought it took too long to complete the transaction, and the rest had no opinion. On the basis of this information, make an inference about customer reaction to the new policy.

ANSWER:

Solution:

Step 1 of 1:

From the given information, we have to make an inference about customer reaction to the new policy.

From the given data, fair is $\frac{400}{500}=0.8\ or\ 80\%$ .

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