Expert answer:Probability (Excel)

  

Solved by verified expert:Three hundred consumers between 21 and 49 years old were randomly
selected. After sampling a new wine cooler, each was asked to rate the
appeal of the phrase: “Not sweet like wine coolers, not filling like
beer, and more refreshing than wine or mixed drinks” as it relates to
the new wine cooler. The rating was made on a scale from 1 to 5, with 5
representing “extremely appealing” and with 1 representing “not at all
appealing”.As a manager overseeing the development of the concept, you bottle
the wine cooler and placed it into distribution in one test store.Your manager has asked you to assess the data and determine the most
likely customer based on the ratings. Additionally, your manager would
like you to review sales in the test store.Use the Week 3 Data Set to create and calculate the following in Excel®:Estimate the probability that a randomly selected 21 to 49 year old consumer:Would give the phrase a rating of 5Would give the phrase a rating of 3 or higherIs in the 21-24 age groupIs a male who gives the phrase a rating of 4Is a 35 to 49 year old who gives the phrase a rating of 1Based on the probabilities for the ratings of 4 and 5, which
age/gender demographic would be the best target audience for the new
concept? Create a probability distribution using the data which shows how
many cartons of the wine cooler were bought per customer in a month. Calculate the mean and the standard deviation of your probability distribution. Calculate the probability that exactly 3 six packs will be bought in a month.Calculate the probability that between 4 and 8 six packs will be bought in a month.Calculate the probability that at least 5 six packs will be bought in a month.Calculate the probability that no more than 5 six packs will be bought in a month. Create a relative frequency distribution based on the wine cooler drinking temperatures. Create 6 bins with the same interval in each. Create a histogramConsidering the mean and standard deviation for the ideal drinking temperature: Calculate z values then refer to Table 6.1 – Cumulative Areas Under the Standard Normal Curve Calculate the probability of the wine cooler being less than 45 degrees.Calculate the probability of the wine cooler being greater than 60 degrees.Calculate the percentage of wine coolers served at the ideal temperature, between 49 and 55 degrees.
wk3_dataset.xlsx

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RESULTS OF CONCEPT RATING FOR NEW WINE COOLER
Gender
Age
Rating of the appeal of the phrase as it
Total
relates to the new wine cooler
Sample
Male
Female 21 – 24 25 -34
Extremely appealing (5)
151
68
83
48
63
Somewhat appealing (4)
91
51
40
36
32
Neither appealing nor not appealing (3)
36
21
15
9
16
Somewhat unappealing (2)
13
7
6
4
6
Not at all appealing (1)
9
3
6
4
3
QUANTITY PURCHASED PER PERSON IN ONE MONTH
# people who purchased this amount
# of six packs purchased
0
7
1
6
2
6
3
13
4
14
5
12
6
10
7
5
8
5
9
5
10
2
Age
35-49
40
23
11
3
2
IDEAL TEMPERATURE
42
62
49
51
56
43
41
40
48
55
54
44
58
47
54
55
44
49
47
57
41
62
47
56
62
41
49
42
47
55

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