Two marbles are randomly drawn from a bag containing 3 purple, 1 blue, and 1 yellow marble. The first marble is blue and is not
1 answer:
You might be interested in
Let be the most the manager can pay the suppliers.
Then, we know from the information given in the question that the manager needs a 30% markup based on cost.
Therefore, the guiding equation will be:
because $10 is the most people will pay for a neck warmer.
Thus, the above equation will become:
Thus, the most a manager can pay the suppliers for neck warmers and still keep the selling price at $10 is $7.69
a. Your answer is correct.
b. Divide the given value of sigma by √n where n = sample size = 7. Then perform the same calculation you did for part a. The probabiilty is 0.4427.
