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

question 159

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 all 3 businesses fail is _____.

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Definitions:

Total Cost

The complete cost of producing a certain number of goods or services, including both fixed and variable costs.

Total Cost Functions

Mathematical expressions that describe how total cost changes with changes in the level of output or activity.

Market Price

The price at which a product or service is currently sold in the market.

Technology

The application of scientific knowledge for practical purposes, especially in industry and the creation of inventions to solve problems or improve processes.