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

question 124

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 more than 4 consumers from the U.S. are willing
to share personal information with retailers in order to receive personalized offers from retailers is
________.

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Definitions:

United States and Mexico

are neighboring countries in North America, sharing a long border and involved in significant trade, diplomatic, and cultural exchanges.

Dumping

The practice of exporting goods at prices lower than the home market prices, often considered unfair trade and subjected to penalties.

Producing Country

A nation that is engaged in the extraction or creation of goods and services for sale.

Imported Product

Goods or services brought into one country from another for sale.