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Mathematics, 15.10.2020 09:01, coryowens44
A running shoe store mounts a new promotional campaign. Purchasers of new shoes may, if dissatisfied for any reason, return them within 7 days of purchase and receive a full refund. The cost to the dealer of such a refund is $105. The dealer estimates that with an 11% probability each purchaser, for whatever reason, will return their pair of shoes and obtain refunds. Suppose that 120 pairs of shoes are purchased during the campaign period. Clearly the exact number of purchasers who return their product is unknown. Answer the following questions:
a. Describe the probability distribution of the number of pairs of shoes that will be returned for refunds.
b. What is the mean and standard deviation of the number of pairs of shoes that will be returned for refunds.
c. What is the mean and standard deviation of the total refund costs that will accrue as a result of these refunds.
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Answers: 3
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A running shoe store mounts a new promotional campaign. Purchasers of new shoes may, if dissatisfied...
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