Small Market Orders


A small market orders copies of a certain magazine for its magazine rack each week. Let X=X= demand for the magazine, with pmf

x p(x)

1 1/15

2 2/15

3 3/15

4 4/15

5 3/15

6 2/15

Suppose the store owner actually pays $ 1.25 for each copy of the magazine and the price to customers is $ 3.75. If magazines left at the end of the week have no salvage value, calculate the expected profit.


 1. An article about   women in business claims that 28% of all small businesses in the United   States are owned by women. Sally Parks believes that this figure is   overstated. A random sample of 2,000 small businesses is selected with 546   being owned by women. Does the sample data provide evidence to conclude that   less than 28% of small businesses in the United States are owned by women   (with a = .10)?      

2. The U.S. Bureau of Labor Statistics   states that workers in the private sector earn a mean on $10.33 an hour for   their first job. A labor economist selects a random sample of 400 private   sector workers. This resulted in the following.   Sample Size = 400   Sample Mean = $10.68   Sample Standard Deviation = $2.70   Does the sample data provide evidence   that the mean hourly wage for private sector workers for their first job is   greater than $10.33 (using a = .10)? Use the hypothesis testing   procedure outlined below.

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