The Brand Name of a Certain Chain of Coffee Shops

question 57

Multiple Choice

The brand name of a certain chain of coffee shops has a 50% recognition rate in the town of Coffleton. An executive from the company wants to verify the recognition rate as the company is Interested in opening a coffee shop in the town. He selects a random sample of 9 Coffleton Residents. Find the probability that the number that recognize the brand name is not 4.

• A) 0.754
• B) 0.164
• C) 0.246
• D) 0.00195

Understand the role of informal networks and social capital in organizational power structures.

Comprehend the concept and practical implications of political savvy within organizations.

Differentiate between formal and informal organizational systems and their influence on work processes.

Realize the importance of networks and the concept of structural holes in leveraging power and influence.

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Definitions:

Percentage Change

A mathematical calculation that describes the degree of change over time, expressed as a fraction of the starting value.

Price Of Product

The monetary value assigned to a good or service that consumers are required to pay to acquire it.

Quantity Demanded

The total amount of a good or service that consumers are willing to purchase at a given price level in a specific time period.