The Department of Commerce in a Particular State Has Determined

question 9

Short Answer

The Department of Commerce in a particular state has determined that the number of small businesses that declare bankruptcy per month is approximately a Poisson distribution with a mean of 6.4. Find the probability that more than 3 bankruptcies occur next month.

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Definitions:

Accepted

A term indicating that an offer has been agreed upon by all parties involved, creating a binding contract.

Incidental Damages

Additional expenses or losses suffered by a party due to another party's breach of contract, beyond the direct damages.

Consequential Damages

In a contract, foreseeable damages that result from special facts and circumstances arising outside the contract itself. The damages must be within the contemplation of the parties at the time the breach occurs. Also called special damages.

Remedial Damages

Compensation aimed at remedying or compensating for a harm or injury suffered by the plaintiff, often used interchangeably with compensatory damages in a different context.