Solution-Find probability that customers use a credit or

Find probability that customers use a credit or debit card

Assignment Help Basic Statistics

Reference no: EM131651537

Question: A survey released by the National Association of Convenience Stores (NACS) indicated that 70% of gas purchases paid for at the pump were made with a credit or debit card.

a. Indicate the type of probability assessment method that NACS would use to assess this probability.

b. In one local store, 10 randomly chosen customers were observed. All 10 of these customers used a credit or a debit card. If the NACS statistic applies to this area, determine the probability that 10 out of 10 customers would use a credit or debit card.

c. If 90% of gas purchases paid for at the pump were made with a credit or debit card, determine the probability that 10 out of 10 customers would use a credit or debit card.

d. Based on your answers to parts b and c, does it appear that a larger percentage of local individuals use credit or debit cards than is true for the nation as a whole? Explain.

Reference no: EM131651537

Questions Cloud

How visual perception help to engage in everyday activities : Describe ways in which the processes of visual perception help you to engage in everyday activities, such as driving a car or preparing a meal

Are the events job type and opinion independent : Simmons Furniture Company is considering changing its starting hour from 8:00 a.m. to 7:30 a.m. A census of the company's 1,200 office and production workers.

How are the different models of culture similar : How are the different models of culture similar? What unique contributions does each model make?

Discuss the four main tunneling protocols used : Discuss the four main tunneling protocols used to provide virtual private network access between remote users and their corporate network.

Find probability that customers use a credit or debit card : All 10 of these customers used a credit or a debit card. If the NACS statistic applies to this area, determine the probability that 10 out of 10 customers.

How should the cost be distributed among the three plants : Plant C supplies 20%, with paint mixed incorrectly 20% of the time. If Ponderosa guarantees its product and spent $10,000 replacing improperly mixed paint.

Standards play in managing the quality of a project : Describe organizational standards, such as "Six Sigma" and the role these standards play in managing the quality of a project.

Describe the graph shape : NURS 371 Organizing, Displaying and Describing Data Assignment. Based on the table you created for response 6 a above, create a frequency distribution graph

Draw in customer in each of these different stages : From the research you have conducted, what are some techniques marketers use to draw in a customer in each of these different stages?

User Account

All Pages

Find probability that customers use a credit or debit card

Reference no: EM131651537

Reference no: EM131651537

Questions Cloud

Reviews

Write a Review

Basic Statistics Questions & Answers

Statistics-probability assignment

What is the least number

Determine the value of k

What is the probability

Binomial distributions

Caselet on mcdonald’s vs. burger king - waiting time

Generate descriptive statistics

Sampling variability and standard error

Estimate the population mean

Conduct a marketing experiment

Find out the probability

Linear programming models

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT