SCENARIO 4-12 A Consulting Firm That Surveyed Consumers' Holiday Shopping Behavior Found

question 123

Essay

SCENARIO 4-12
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. Assume that there are equal portions of consumers being surveyed from each of
the three countries, the survey results are good representations of the three populations of consumers,
and whether a consumer plans to spend more on holiday shopping is statistically independent of
whether he/she is willing to share personal information with retailers in order to receive personalized
offers from retailers.
-Referring to Scenario 4-12, if you randomly select a consumer from any of the three countries,
what is the probability that the consumer does not plan to spend more on holiday shopping?

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Definitions:

Short-Term Memory

The component of the memory system that holds a small amount of information in a readily accessible state for a short period of time.

Retroactive Interference

Occurs when new information hinders the ability to remember older information.

Chunking

A memory technique that involves grouping information into manageable and meaningful units to enhance retention and recall.

Short-Term Memory

A component of memory where small amounts of information can be stored for a brief period of time.