SCENARIO 5-6 a Certain Type of New Business Succeeds 60% of the of the Time

question 80

Short Answer

SCENARIO 5-6
A certain type of new business succeeds 60% of the time. Suppose that 3 such businesses open
(where they do not compete with each other, so it is reasonable to believe that their relative successes
would be independent).
-Referring to Scenario 5-6, the probability that exactly 1 business succeeds is ________.

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Definitions:

P-value

The probability of observing a test statistic at least as extreme as the one observed, under the assumption that the null hypothesis is true.

Sampling Variation

The variability in statistics and results that occurs by chance when only a subset of the population is sampled.

Body Mass Index

A numerical value calculated from a person's weight and height, used to assess whether they are underweight, normal weight, overweight, or obese.

Canadian Community Health Survey

This is a nation-wide survey conducted to provide cross-sectional data on health-related issues and conditions of the Canadian population.