Marketing and Consumer Behavior
In the country's 2012 budget, Canada decided to stop production of the penny. The government indicated that it costs 1.6 cents to produce each penny, some see the penny as a burden to the economy, and approximately 10% of all Canadians believe the penny is a nuisance. Suppose 50 Canadians are selected at random and asked if they believe the penny is a nuisance.
a. Find the mean, variance, and standard deviation of the number of Canadians who believe the penny is a nuisance.
b. What is the probability that at most three Canadians believe the penny is a nuisance?
c. Find the probability that the number of Canadians who believe the penny is a nuisance will be within two standard deviations of the mean.