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

question 82

Short Answer

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 is from China who does not plan to spend more on
holiday shopping and is not willing to share personal information with retailers in order to receive
personalized offers from retailers?

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Definitions:

Square Root Property

A mathematical rule stating that if \(x^2 = a\), then \(x = \pm\sqrt{a}\), which is used to solve quadratic equations.

Equation

A mathematical statement that asserts the equality of two expressions, typically written in the form \(A = B\), where \(A\) and \(B\) are expressions.

Complex Solutions

Solutions to equations that include imaginary numbers, often involving the square root of a negative number.

Quadratic Equation

An equation of the form ax^2 + bx + c = 0, where a, b, and c are constants, and a is not equal to 0.