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Mahoney Custom Home Builders, Inc. of Canyon Lake, Texas, asked visitors to their website what is most important when choosing a home builder. Possible responses were quality, price, customer referral, years in business, and special features. Results showed that 23.5% of the respondents chose price as the most important factor (Mahoney Custom Homes website, November 13, 2012). Suppose a sample of 200 potential home buyers in the Canyon Lake area was selected. a. How many people would you expect to choose price as the most important factor when choosing a home builder? b. What is the standard deviation of the number of respondents who would choose price as the most important factor in selecting a home builder? What is the standard deviation of the number of respondents who do not list price as the most important factor in selecting a home builder?

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STATISTICS F/BUSINESS+ECONOMICS-TE...

13th Edition
Anderson
Publisher: CENGAGE L
ISBN: 9781305881884
BuyFind

STATISTICS F/BUSINESS+ECONOMICS-TE...

13th Edition
Anderson
Publisher: CENGAGE L
ISBN: 9781305881884

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Chapter
Section
Chapter 5, Problem 68SE
Textbook Problem

Mahoney Custom Home Builders, Inc. of Canyon Lake, Texas, asked visitors to their website what is most important when choosing a home builder. Possible responses were quality, price, customer referral, years in business, and special features. Results showed that 23.5% of the respondents chose price as the most important factor (Mahoney Custom Homes website, November 13, 2012). Suppose a sample of 200 potential home buyers in the Canyon Lake area was selected.

  1. a. How many people would you expect to choose price as the most important factor when choosing a home builder?
  2. b. What is the standard deviation of the number of respondents who would choose price as the most important factor in selecting a home builder?

What is the standard deviation of the number of respondents who do not list price as the most important factor in selecting a home builder?

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Chapter 5 Solutions

STATISTICS F/BUSINESS+ECONOMICS-TEXT
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