Suppose That History Shows That 60% of College Students Prefer

question 202

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 variance of the number that prefer brand C is_____ .

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Definitions:

Surplus

A situation in which quantity supplied is greater than quantity demanded at a specific price, typically leading to lower prices.

Wheat Farmers

Individuals or businesses engaged in the cultivation of wheat, a staple grain consumed globally, as their primary agricultural activity.

Total Income

The total amount of money earned or received by an individual or entity within a specified period, including wages, salaries, benefits, and investment earnings.

Price Parity Concept

An economic theory which suggests that in the absence of transaction costs and barriers to trade, identical goods will have the same price in different markets when expressed in the same currency.