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

question 73

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 succeed is _____.

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Definitions:

Eastern Europe

A region that lies primarily to the east of Europe and consists of countries that vary widely in cultural, economic, and historical contexts.

Freedom of Contract

The legal principle that allows individuals to enter into and enforce contracts freely, without undue interference, reflecting a core aspect of market economies and personal autonomy.

Samuel Gompers

A British-born American labor union leader who founded the American Federation of Labor and played a key role in advocating for workers’ rights in the late 19th and early 20th centuries.

American Federation of Labor

A national federation of labor unions in the United States, founded to advocate for improved wages, hours, and working conditions for laborers.