How can you determine the same price if you are given the regular price and a percent of markdown
1 answer:
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Answer:
(a) 0.85
(b) 0.7225
Step-by-step explanation:
(a) The point estimate for the proportion of all such components that are not defective is given by the number of non-defective units in the sample divided by the sample size:
The proportion is 0.85.
(b) Assuming that the sample is large enough to accurately provide a point estimate for the whole population, this can be treated as a binomial model with probability of success (non-defective part) p = 0.85. Since both components must be non-defective for the system to work, the probability of two successes in two trials is:
An estimate of 0.7225 for the proportion of all such systems that will function properly.