Question

According to sales information in the first quarter of 2015, 2.3% of the new vehicles sold...

According to sales information in the first quarter of 2015, 2.3% of the new vehicles sold in the United States were hybrids. This is down from 2.7% for the same period a year earlier. An analyst's review of the data indicates that the reasons for the sales decline include the low price of gasoline and the higher price of a hybrid compared to similar vehicles. Let’s assume these statistics remain the same for 2016. That is, 2.3 percent of the new car sales are hybrids in the first quarter of 2016. For a sample of 41 vehicles sold in the Richmond, Virginia area:

a. How many vehicles would you expect to be hybrid? (Round your answer to 2 decimal places.)

b.Use the Poisson distribution to find the probability that five of the sales were hybrid. (Round your answer to 4 decimal places.)

c.Use the binomial distribution to find the probability that five of the sales were hybrid. (Round your answer to 4 decimal places.)

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
ndustry standards suggest that 14 percent of new vehicles require warranty service within the first year....
ndustry standards suggest that 14 percent of new vehicles require warranty service within the first year. Jones Nissan in Sumter, South Carolina, sold 10 Nissans yesterday. (Round your mean answer to 2 decimal places and the other answers to 4 decimal places.)    Compute the mean and standard deviation of this probability distribution. Determine the probability that exactly two of these vehicles require warranty service. What is the probability exactly one of these vehicles requires warranty service? What is the...
Industry standards suggest that 11 percent of new vehicles require warranty service within the first year....
Industry standards suggest that 11 percent of new vehicles require warranty service within the first year. Jones Nissan in Sumter, South Carolina, sold 11 Nissans yesterday. (Round your Mean answer to 2 decimal places and the other answers to 4 decimal places.) (a) What is the probability that none of these vehicles requires warranty service? Probability= (b) What is the probability exactly one of these vehicles requires warranty service? Probability = (c) Determine the probability that exactly two of these...
Industry standards suggest that 18% of new vehicles require warranty service within the first year. Jones...
Industry standards suggest that 18% of new vehicles require warranty service within the first year. Jones Nissan, sold 10 Nissans yesterday. (Round the Mean answer to 2 decimal places and the other answers to 4 decimal places.) a. What is the probability that none of these vehicles requires warranty service? Probability            b. What is the probability that exactly one of these vehicles requires warranty service? Probability            c. Determine the probability that exactly two of these vehicles require warranty service. Probability           ...
industry standards suggest that 10% of new vehicles require warranty service within the first year. Jones...
industry standards suggest that 10% of new vehicles require warranty service within the first year. Jones Nissan, sold 9 Nissans yesterday. (Round the Mean answer to 2 decimal places and the other answers to 4 decimal places.) a. What is the probability that none of these vehicles requires warranty service? Probability           b. What is the probability that exactly one of these vehicles requires warranty service? Probability           c. Determine the probability that exactly two of these vehicles require warranty service. Probability          ...
Industry standards suggest that 12% of new vehicles require warranty service within the first year. Jones...
Industry standards suggest that 12% of new vehicles require warranty service within the first year. Jones Nissan, sold 10 Nissans yesterday. (Round the Mean answer to 2 decimal places and the other answers to 4 decimal places.) a. What is the probability that none of these vehicles requires warranty service? Probability            b. What is the probability that exactly one of these vehicles requires warranty service? Probability            c. Determine the probability that exactly two of these vehicles require warranty service. Probability           ...
Industry standards suggest that 14% of new vehicles require warranty service within the first year. Jones...
Industry standards suggest that 14% of new vehicles require warranty service within the first year. Jones Nissan, sold 8 Nissans yesterday. (Round the Mean answer to 2 decimal places and the other answers to 4 decimal places.) a. What is the probability that none of these vehicles requires warranty service? Probability            b. What is the probability that exactly one of these vehicles requires warranty service? Probability            c. Determine the probability that exactly two of these vehicles require warranty service. Probability           ...
A newspaper reported the top five states for sales of hybrid cars in 2004 as California,...
A newspaper reported the top five states for sales of hybrid cars in 2004 as California, Virginia, Washington, Florida, and Maryland. Suppose that each car in a sample of 2004 hybrid car sales is classified by state where the sale took place. Sales from states other than the top five were excluded from the sample, resulting in the accompanying table. State Observed Frequency California 253 Virginia 59 Washington 37 Florida 32 Maryland 32 Total 413 (The given observed counts are...
In its Fuel Economy Guide for 2016 model vehicles, the Environmental Protection Agency provides data on...
In its Fuel Economy Guide for 2016 model vehicles, the Environmental Protection Agency provides data on 11701170 vehicles. There are a number of high outliers, mainly hybrid gas‑electric vehicles. If we ignore the vehicles identified as outliers, however, the combined city and highway gas mileage of the other 11461146 vehicles is approximately Normal with mean 23.023.0miles per gallon (mpg) and standard deviation 4.94.9 mpg. The quartiles of any distribution are the values with cumulative proportions 0.250.25 and 0.75.0.75. They span...
The following is the sales budget for Profit, Inc., for the first quarter of 2018: January...
The following is the sales budget for Profit, Inc., for the first quarter of 2018: January February March   Sales budget $ 214,000 $ 234,000 $ 257,000 Credit sales are collected as follows: 60 percent in the month of the sale 25 percent in the month after the sale 15 percent in the second month after the sale The accounts receivable balance at the end of the previous quarter was $98,000 ($68,000 of which was uncollected December sales). a. Calculate the...
Given the following information: Use Figure 2.3. Categories               Values Sales                &
Given the following information: Use Figure 2.3. Categories               Values Sales                        $ 33,600,000 Cost of goods sold   $ 21,000,000 Variable expenses    $ 4,200,000 Fixed expenses        $ 6,100,000 Inventory                   $ 8,100,000 Accounts receivable $ 4,100,000 Other current assets $ 3,100,000 Fixed assets              $ 6,100,000 a. What is the net profit margin for this firm? (Round your answer to 2 decimal places.) b. What is the asset turnover? (Round your answer to 2 decimal places.) c. What is the return on assets? (Do not...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT