SCENARIO 7-4 According to a Survey,only 15% of Customers Who Visited the Visited

question 68

Short Answer

SCENARIO 7-4
According to a survey,only 15% of customers who visited the web site of a major retail store made a purchase.Random samples of size 50 are selected.
-Referring to Scenario 7-4,what is the probability that a random sample of 50 will have at least 30% of customers who will make a purchase after visiting the web site?

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Definitions:

Administrative Costs

Overhead expenses associated with the day-to-day running of a business, involving clerical activities, and support services not linked directly to production.

Service Department Expenses

Costs incurred by the departments that support the primary activities of a business but do not directly engage in production.

Operating Departments

Operating departments refer to the divisions within a company directly involved in its core business activities and operations.

Maintenance Expenses

Costs incurred to keep property, equipment, or assets in efficient operating condition, not improving but merely maintaining them.