The Owner of a Small Convenience Store Is Trying to Decide

question 28

Essay

The owner of a small convenience store is trying to decide whether to discontinue selling magazines. He suspects that only 5% of the customers buy a magazine and thinks that he might be able to use the display space to sell something more profitable. Before making a final decision he decides that for one day he'll keep track of the number of customers and whether or not they buy a magazine.
-He had 280 customers that day. Assuming this day was typical for his store, what would be the mean and standard deviation of the number of customers who buy magazines each day?

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Definitions:

Disciplinary Proceeding

A formal process where professional conduct is reviewed, and disciplinary actions may be taken for violations.

Malpractice Lawsuit

A legal action taken against a professional, such as a doctor or lawyer, for negligence or incompetence that results in harm to a client or patient.

Duty of Competence

A professional obligation requiring individuals to have the necessary knowledge and skill to perform tasks effectively.

Court Filing Deadlines

The specific dates by which documents must be filed with the court to ensure they are considered in a legal case.