Answer to Question #6686 in Statistics and Probability for Donna
You are offered the opportunity of sharing a small stand at a trade fair.The stand assists job seekers in securing employment.The cost of the stand will be R20000, the cost of promotional material will be R2000, and the partners include a cost of R1000 for their time.The organizers of the fair claim that the likely number of enquiries will average out at 3000. Past experience has given a conversion rate of 5% of enquiries into actual jobs, and the partners work on an average profit of R200 per job. Assume that the enquiries are normally distributed with a standard deviation of 300. Would you take up the offer? Show details of your calculations.