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Eco304 Week 1 Assignment

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Eco304 Week 1 Assignment
ASSIGNMENT
ECON304

ANSWER THE FOLLOWING QUESTIONS. SHOW YOUR SOLUTIONS AND ENCIRCLE YOUR FINAL ANSWERS. SUBMIT THIS ON WEDNESDAY.

1. Suppose that the likelihood that someone who logs into a particular site in a shopping mall on the web will purchase an item is .20. If the site has 10 people accessing it in the next minute, what is the probability that a) Exactly 2 individuals will purchase an item? b) At least 2 individuals will purchase an item? c) At most 2 individuals will purchase an item?

2. The quality Control Manager of ATV Cookies is inspecting a batch of chocolate-chip cookies that has been baked. If the production process is in control, the average number of chip parts per cookie is 6. What is the
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