A Salesperson Has Found the Probability of Making a Sale

question 52

Short Answer

A salesperson has found the probability of making a sale on a particular product manufactured by his or her company is 0.05. If the salesperson contacts 140 potential customers, what is the probability he or she will sell at least 2 of these products?
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Definitions:

Short Run

A period in economics during which some factors of production are fixed, limiting the ability to fully adjust to market changes.

Elasticity of Market Supply

The degree to which the quantity supplied of a good changes in response to a change in price.

Output Expansion

The increase in the production of goods and services in an economy or by a firm, often as a result of increased demand or improved production capabilities.

Period Lengthened

The extension of time allocated for a particular activity, phase, or process.