Based on the Caterer's Experience, 38% of Attendees to Events

question 87

Multiple Choice

Based on the caterer's experience, 38% of attendees to events will prefer chicken for the main dish.As the caterer plans for an event attended by 780 individuals, the normal approximation will be used for the binomial with a correction for continuity.In this case, what is the probability that less than 300 will prefer chicken?

• A)0.604
• B)0.380
• C)0.590
• D)0.620
• E)0.618

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Definitions:

External Costs

External costs, also known as negative externalities, are the costs experienced by third parties who are not involved in an economic transaction, often not reflected in market transactions.

Market Price

The market price at which you can currently buy or sell a service or asset.

Efficient Equilibrium

A state in an economy where every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.

External Benefits

Benefits resulting from a transaction that affect parties not directly involved in the transaction, often leading to positive outcomes for society.