SCENARIO 5-2 a Certain Type of New Business Succeeds 60% of the of the Time.Suppose

question 101

Short Answer

SCENARIO 5-2
A certain type of new business succeeds 60% of the time.Suppose that 3 such businesses open (where they do not compete,so it is reasonable to believe that their relative successes would be independent).
-Referring to Scenario 5-2,the probability that exactly 1 business succeeds is _____.

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Definitions:

Main Effect

The direct influence of an independent variable on a dependent variable in the context of a statistical analysis.

Obtained Value

The actual value of the test statistic computed from sample data during hypothesis testing.

Factorial ANOVA

A statistical test used to determine the effect of two or more independent variables on a dependent variable at the same time.

Subjects Measured

Individuals or entities under study in an experiment or survey, from which data is collected.