Pepsi’s Market Share Two of the biggest soft drink rivals, Pepsi and Coke, are very concerned about their market share. The following pie chart, which appeared on the company website (http://...

Pepsi’s Market Share
Two of the biggest soft drink rivals, Pepsi and Coke, are very concerned about their market share. The following pie chart, which appeared on the company website (http:// www.pepsico.com) in November, 2006, claims that Pepsi-Cola’s share of the U.S. beverage market is 26%.6 Assume that this proportion will be close to the probability that a person selected at random indicates a preference for a Pepsi product when choosing a soft drink.

A test group of 500 consumers is randomly selected. Use the normal curve to approximate the following binomial probabilities:

a. Exactly 150 consumers prefer a Pepsi product.

b. Between 120 and 150 consumers (inclusive) prefer a Pepsi product.

c. Fewer than 150 consumers prefer a Pepsi product.

d. Would it be unusual to find that 232 of the 500 consumers preferred a Pepsi product? If this were to occur, what conclusions would you draw?