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:

Achieve Consensus

The process of reaching agreement or shared understanding among a group.

Conflicts

Situations where incompatible goals, beliefs, or actions between two or more parties result in opposition or antagonistic interaction.

Derail

To cause a process or activity to deviate from its intended course, leading to disruption or failure.

Obstacles

Barriers or hindrances that impede progress or achievement of a goal.