The Probability That a Call to an Emergency Help Line

question 61

Multiple Choice

The probability that a call to an emergency help line is answered in less than 10 seconds is 0.8.Assume that the calls are independent of each other.Using the normal approximation for binomial with a correction for continuity, the probability that at least 75 of 100 calls are answered within 10 seconds is approximately _______

• A)0.8
• B)0.1313
• C)0.5235
• D)0.9154
• E)0.8687

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Definitions:

Tacit Collusion

A form of collusion that occurs without explicit agreement among competing firms, often through mutual understanding or adoption of similar behaviors.

Market Shares

The percentage of total sales or total revenue generated by a company in a particular market.

Price Leadership

Price leadership occurs when one leading company in an industry sets the price for its products, and other companies in the industry follow suit, often seen in oligopolistic markets.

Product Differentiation

Product Differentiation is the process by which companies distinguish their products from those of competitors on aspects like quality, design, or brand.