TABLE 7-5 According to a Survey, Only 15% of Customers Who Visited

question 8

Short Answer

TABLE 7-5
According to a survey, only 15% of customers who visited the website of a major retail store made a purchase. Random samples of size 50 are selected.
-Referring to Table 7-5, 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 website?

---

Definitions:

Economic Order Point

The ideal quantity of inventory a company should order to minimize costs, including holding and shortage costs.

Credit Period

The duration during which a buyer can pay for goods or services received without incurring interest charges, often used in trade credit arrangements.

Perishable Items

Goods that have a limited shelf life and require quick sale to avoid spoilage, such as food and flowers.

Low Markups

Refers to the small difference between the cost of goods and their selling price, typically indicating a low profit margin.