Probability Estimation

Estimate the probability that a randomly selected 21 to 49 year old consumer: Would give the phrase a rating of 5 Would give the phrase a rating of 3 or higher   Is in the 21-24 age group Is a male who gives the phrase a rating of 4 Is a 35 to 49 year old who gives the phrase a rating of 1 Based on the probabilities for the ratings of 4 and 5, which age/gender demographic would be the best target audience for the new concept? Create a probability distribution using the data which shows how many cartons of the wine cooler were bought per customer in a month. Calculate the mean and the standard deviation of your probability distribution. Calculate the probability that exactly 3 six packs will be bought in a month. Calculate the probability that between 4 and 8 six packs will be bought in a month. Calculate the probability that at least 5 six packs will be bought in a month. Calculate the probability that no more than 5 six packs will be bought in a month. Create a relative frequency distribution based on the wine cooler drinking temperatures. Create 6 bins with the same interval in each. Create a histogram Considering the mean and standard deviation for the ideal drinking temperature: Calculate z values then refer to Table 6.1 - Cumulative Areas Under the Standard Normal Curve Calculate the probability of the wine cooler being less than 45 degrees. Calculate the probability of the wine cooler being greater than 60 degrees. Calculate the percentage of wine coolers served at the ideal temperature, between 49 and 55 degrees.                      

Sample Solution