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

question 138

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 at least 3 consumers from China plan to spend
more on holiday shopping is ________.

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Definitions:

Probability Distribution

A mathematical function that provides the probabilities of occurrence of different possible outcomes in an experiment.

Random Variable

An element whose values represent numerical results from a stochastic occurrence.

Sample Space

The set of all possible outcomes of a random experiment or observation.

Discrete Random Variable

A variable that can take on a countable number of possible values, often representing counts or categories.