SCENARIO 7-8 According to a Survey,only 15% of Customers Who Visited the Visited

question 220

Short Answer

SCENARIO 7-8
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 from a population of 900.Use the finite population correction factor.
-Referring to Scenario 7-8,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?

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Definitions:

Direct Labor-Hours

The total number of hours worked by employees directly involved in the manufacturing process, often used as a basis for allocating labor costs to products.

Direct Materials Cost

The cost of raw materials used in manufacturing that can be directly traced to the finished product.

Activity-Based Costing

A costing method that assigns overhead and indirect costs to related products and services by identifying cost drivers.

Direct Labor-Hours

The total hours worked by employees directly involved in the manufacturing process or providing services, used as a basis for allocating labor costs.