Forty-Four Percent of Customers Who Visit a Department Store Make

question 59

Short Answer

Forty-four percent of customers who visit a department store make a purchase.The probability,rounded to four decimal places,that in a random sample of 12 customers who will visit this department store,exactly 7 will make a purchase is:

---

Definitions:

Revenue

The total amount of money received by a company or government from its activities, such as sales of goods and services, before any expenses are subtracted.

Profit

Profit is the financial return or gain achieved from an investment or business venture after subtracting all expenses and costs.

Equilibrium Price

The price at which the quantity of a good or service supplied matches the quantity demanded, leading to market balance.

Competitive Price-Taker

A firm or individual that has no influence over the market price and must accept the prevailing market price for its product or input.