At an Airport, 78% of Recent Flights Have Arrived on Time

question 11

Multiple Choice

At an airport, 78% of recent flights have arrived on time. A sample of 14 flights is studied. Find the probability that more than 12 of them were on time.

• A) 0.3761
• B) 0.6239
• C) 0.1527
• D) 0.8473

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Definitions:

Elastic Demand

Describes a market situation where the demand for a product or service significantly changes in response to a change in price.

Business Travelers

Individuals who travel primarily for business purposes, such as meetings, conferences, and networking.

Lower Price

When the cost of a good or service decreases relative to previous pricing levels, making it more affordable.

Price Discrimination

Price discrimination involves charging different prices to different consumers for the same product or service, based on willingness to pay, location, or other distinguishing factors.