A Recent Survey Found That 24% of People in Michigan

question 15

Multiple Choice

A recent survey found that 24% of people in Michigan like oatmeal.If the probability that someone lives in Michigan is 4.8% what is the probability that two people from Michigan would both like oatmeal?

• A)5.8%
• B)24.0%
• C)4.8%
• D)48.0%
• E)1.2%

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Definitions:

Weekly Revenue

The total amount of money earned by a business over the course of a week from its operations.

Volume Maximization

A strategy aimed at maximizing the quantity of products sold or produced, often regardless of profit margins.

Penetration Pricing

A marketing strategy where a product is priced lower than its competitors or the market average to attract customers and gain market share rapidly.

Price Sensitive

Being affected by changes in the price of goods or services, often referring to consumers whose buying decisions are heavily influenced by price changes.