Suppose You Want to Estimate the Probability That a Randomly

question 1

Multiple Choice

Suppose you want to estimate the probability that a randomly selected customer at a particular grocery store will pay by credit card. Over the past 3 months, 70,600 purchases were made, and 22,200 of them were paid for by credit card. What is the estimated probability that a randomly selected customer will pay by credit card? ​

• A)0.3144
• B)0.5391
• C)0.7233
• D)0.8548
• E)0.8633

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Definitions:

Standing Plans

Pre-established policies, rules, and schedules designed to guide the action of an organization in recurrent situations.

Operating Budgets

Detailed projections of income and expenses associated with the day-to-day operations of a business for a specific period, usually one year.

Allocate Resources

The process of distributing available resources, such as funds, materials, and labor, to specific tasks, projects, or departments within an organization.

Labour

The human effort, both physical and mental, used in the production process.