The Owner of a Small Convenience Store Is Trying to Decide

question 37

Essay

The owner of a small convenience store is trying to decide whether to discontinue selling magazines. He suspects that only 5% of the customers buy a magazine and thinks that he might be able to use the display space to sell something more profitable. Before making a final decision he decides that for one day he'll keep track of the number of customers and whether or not they buy a magazine.
-What is the probability that exactly 3 of the first 10 customers buy specialty clothes for their pet? Show work.

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Definitions:

Informed Consent

A process ensuring that a participant fully understands and agrees to the procedures, risks, and rights involved in a study or treatment.

Ethical Principle

Fundamental guidelines that dictate the conduct of individuals and organizations, often used to determine what is right or wrong in various situations.

Debriefing Procedure

A process following a research study or mission where participants or team members are systematically informed about the study's purpose, procedures, and findings.

Informed Consent

A process ensuring that a participant is fully aware of all aspects of a procedure or experiment, including potential risks and benefits, before agreeing to participate.