Based on a Comcast Survey, There Is a 0

question 118

Multiple Choice

Based on a Comcast survey, there is a 0.8 probability that a randomly selected adult will watch prime-time TV live, instead of online, on DVR, etc. Assume that seven adults are randomly selected. Find the probability that
Fewer than three of the selected adults watch prime-time live.

• A) 0.000358
• B) 0.00430
• C) 0.0512
• D) 0.00467

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Definitions:

Nonsatiation

The assumption in economics that more of a good or service is always preferred to less, implying that there is no saturation point in consumption.

Prefer

Expressing a choice or inclination towards one option or item over another.

Market Basket

A set of goods and services that are typically consumed by a household or used to track the cost of living or inflation.

Perfect Substitutes

Goods or services that can be used in place of one another with no loss of utility by the consumer.