This sounds like a Poisson model (counts).
According to infoplease, 18.8% of the luxury cars manufactured in 2003 were silver. A large dealership typically sells 50 luxury cars a month.
Let X represent the number of Silver luxury cars sold in a typical month. What is the probability model for X? Specify the model (name and parameters), and tell the mean and standard deviation.
Is this as simple as saying Binomial model? Are parameters number of trials and probability of success?
I know mean and SD, I just included to finish the question.
Thanks
This sounds like a Poisson model (counts).
I suppose it could be but that is not an option. It is either geometric, which it is obviously not, or binomial. I guess I was looking more for what parameters mean anyway. But, thanks anyways.
It could be the normal approximation to the binomial, then translated from a % into a count.
Thanks for your help.
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