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    Random Variables to Measure Level of Interest in a New Product

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    A company is conducting a survey of 235 people to measure the level of interest in a new product. Assume that the probability of a randomly selected person's being "very interested" is 0.88 and that people are selected independently of one another.

    a. Find the standard deviation of the percentage who will be found by the survey to be very interested.

    b. How much uncertainty is there in the number of people who will be found to be very interested??

    c. Find the expected number of people in the sample who will say that they are very interested.

    d. Find the expected percentage that the survey will identify as being very interested.

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    Solution Preview

    Given probability that a randomly selected person being "very interested" is 0.88. Let X denotes the number of people, who will be found by the survey of 235 people, to be very interested. Clearly X follows binomial ...

    Solution Summary

    The random variable to measure level of interests in a new product is determined.