The Owner of a Small Convenience Store Is Trying to Decide

question 20

Short Answer

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.
-What is the probability that at least 5 of his first 50 customers buy magazines?

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Definitions:

Vending Machines

Automated machines that dispense items such as snacks, beverages, and tickets to consumers after a payment has been made.

Freestanding Kiosks

Freestanding Kiosks are standalone booths or stalls located in public places, used for selling goods or services or for informational purposes.

Consumer Electronics

Electronic equipment intended for everyday use by individuals, including devices like smartphones, tablets, and laptops.

Television Home Shopping

A form of electronic retailing where products are marketed to consumers through live presentations on television.