Show steps to Solve -5^6
1 answer:
You might be interested in
Answer:
672.7436 units of the sale item should the store stock in order to have at most a 1 percent chance of running short of the item on the day of the sale
Step-by-step explanation:
No. of customers pass the display on the day of sale = 1462
Proportion of people will purchase if pass such a special display = 0.43
Mean = E(X)=np
E(X)=
E(X)=628.66
Standard deviation =
Standard deviation =
Now we are supposed to find how many units of the sale item should the store stock in order to have at most a 1 percent chance of running short of the item on the day of the sale
P(X<x)=0.01
Using z table
Hence 672.7436 units of the sale item should the store stock in order to have at most a 1 percent chance of running short of the item on the day of the sale