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Answer:
The expected number of sales of this store from this sample of 30 is 6.
Step-by-step explanation:
For each prospect, there are only two possible outcomes. Either there is a trade, or there is not. Prospects are independent of each other. So we use the binomial probability distribution to solve this question.
Binomial probability distribution
Probability of exactly x sucesses on n repeated trials, with p probability.
The expected value of the binomial distribution is:
A retail variety store that advertises extensively by mail circulars expects a sale with 20% probability.
This means that
Suppose 30 prospects are randomly selected from a city-wide mailing.
This means that
What is the expected number (mean) of sales of this store from this sample of 30?
The expected number of sales of this store from this sample of 30 is 6.