SCENARIO 5-7 A Consulting Firm That Surveyed Consumers' Holiday Shopping Behavior Found

question 53

Short Answer

SCENARIO 5-7
A consulting firm that surveyed consumers' holiday shopping behavior found that the percentage of
consumers from the U.S., Canada, and China who said that they planned to spend more on holiday
shopping were 40%, 34% and 73%, respectively. The survey also found that the percentage of
consumers from the U.S., Canada, and China who said that they were willing to share personal
information with retailers in order to receive personalized offers from retailers were 55%, 46% and
72%, respectively. Suppose you randomly select 5 consumers from each of the three countries.
-Referring to Scenario 5-7, the probability that no more than 2 consumers from China are
willing to share personal information with retailers in order to receive personalized offers from
retailers is ________.

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Definitions:

Lava Flows

The movement of molten rock expelled by a volcano during an eruption.

Volcanic Eruption

A volcanic eruption is a process where magma (molten rock) and gas escape from a magma chamber through the crust to the surface, often accompanied by volcanic ash and lava flows.

Ice Sheet

A mass of ice of considerable thickness and more than 50,000 square kilometers in area, forming a nearly continuous cover of ice and snow over a land surface.

Felsic

A term used in geology to describe igneous rocks that are rich in light-colored minerals such as quartz, feldspar, and muscovite.