7 An advertising agency is hired to introduce a new product. The agency claims t

Question

7 An advertising agency is hired to introduce a new product. The agency claims that after its campaign 72% of all consumers are familiar with the product. We ask 7 randomly selected customers whether or not they are familiar with the product a) Use the correct formula to find the probability that, out of 7 customers, exactly 3 are familiar with the product. Show your calculations. b) What type of experiment is this? Explain how you know c) Find the probability that more than 5 customers are familiar with the product d) That at most 4 customers are familiar with the product.

Explanation / Answer

Solution:-

p = 72/100

p = 0.72

a) The probability that out of 7 exactly three are familiar with product is 0.0803.

x = 3, n = 7

By applying binomial distributiion:-

P(x,n) = nCx*px*(1-p)(n-x)

P(x = 3) = 0.0803

b) This is binomial distribution.

c) The probability that more than 5 are familair with the product is 0.3734.

x = 5, n = 7

By applying binomial distributiion:-

P(x,n) = nCx*px*(1-p)(n-x)

P(x > 5) = 0.3734

d) The probability that atmost 4 are familair with the product is 0.3081.

x = 4, n = 7

By applying binomial distributiion:-

P(x,n) = nCx*px*(1-p)(n-x)

P(x < 4) = 0.3081.

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