A Salesperson Makes Five Calls Per Day Assume That the Population Is Binomially Distributed with a Probability

question 110

Essay

A salesperson makes five calls per day. A sample of 200 days gives the frequencies of sales volumes listed below: $$\begin{array} { | c | c | } \hline \text { Number of sales } & \text { Observed frequency (days) } \\\hline 0 & 10 \\\hline 1 & 38 \\\hline 2 & 69 \\\hline 3 & 63 \\\hline 4 & 18 \\\hline 5 & 2 \\\hline\end{array}$$ Assume that the population is binomially distributed with a probability of purchase p = 0.50.
Compute the expected frequencies for x = 0, 1, 2, 3, 4 and 5 by using the binomial probability function or the binomial tables. Combine categories if necessary to satisfy the rule of five.

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Definitions:

Optimal R&D

Optimal R&D refers to the most efficient level of investment in research and development activities that maximizes the return on investment for a company or economy.

Perfectly Elastic

Describes a situation in market demand or supply where quantity demanded or supplied changes infinitely in response to even a tiny change in price.

Optimal R&D

The most efficient level of investment in research and development activities where marginal costs equal marginal benefits, maximizing net benefits.

Expected-Rate-Of-Return

The anticipated return on an investment, predicting future profit or loss.