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?

---

Definitions:

Break-even Point

The level of production or sales at which a business's revenues equal its expenses, resulting in neither profit nor loss.

Fixed Expenses

Costs that do not change in total with variations in the volume of activity, such as rent, salaries, and insurance.

Selling Price

The price at which a product or service is offered to consumers.

Net Operating Income

The revenue from a company's primary business operations minus operating expenses, excluding taxes and interest.