Suppose That History Shows That 60% of College Students Prefer

question 119

Short Answer

Suppose that history shows that 60% of college students prefer Brand C cola.A sample of 5 students is to be selected.The probability that exactly 3 prefer brand C is_____ .

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Definitions:

Future

Refers to the time that is yet to come, also used in finance as a contract to buy or sell an asset at a predetermined future date and price.

Time Inconsistency

A situation where a decision-maker's preferences change over time, making plans formulated at one time incompatible or less desirable at a future time.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method or decision.

Self-Control Problem

The difficulty individuals face in resisting temptation or immediate gratification to achieve long-term goals.