In a Binomial Distribution

question 37

Multiple Choice

In a binomial distribution

• A) the random variable X is continuous.
• B) the probability of event of interest π is stable from trial to trial.
• C) the number of trials n must be at least 30.
• D) the results of one trial are dependent on the results of the other trials.

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Definitions:

Economies of Scale

Cost advantages obtained due to increased production levels, where the cost per unit of production decreases as the volume produced increases.

Economies of Scope

Cost advantages that a business obtains through the diversification of product lines, enabling more efficient use of resources.

Behavioral Target Marketing

A marketing strategy that uses consumer behavior, including browsing and purchasing history, to tailor advertising and promotions.

Niche Marketing

A targeted marketing strategy focusing on a specific segment of the market that has unique preferences or needs, aiming to become a big fish in a small pond.