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 magazines and thinks that he might be able to sell something more profitable. Before making a final decision, he keeps track of the number of customers who buy magazines on a given day.
a. On one day, he had 280 customers. Assuming this day was typical, what would be the mean and standard deviation of the number of customers who buy magazines each day?
b. Surprised by the high number of customers who purchased magazines that day, the owner decided that his 5% estimate must have been too low. How many magazine sales would it have taken to convince you? Justify your answer.

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Definitions:

Oil Pump

A crucial component in an engine that circulates engine oil under pressure to the rotating bearings, the sliding pistons, and the camshaft of the engine to lubricate the parts.

In the Block

Refers to components or processes taking place within the main structure of an engine.

In the Oil Pan

Refers to the storage area at the bottom of an engine where oil collects and is recirculated, crucial for engine lubrication and cooling.

Engine Displacement

The total volume of air/fuel mixture an engine can draw in during one complete engine cycle, measured in liters or cubic inches, indicating the engine's size and power potential.