Suppose That Past History Shows That 60% of College Students

question 208

Short Answer

Suppose that past history shows that 60% of college students prefer Brand C cola. A sample of 5 students is to be selected. The probability that exactly 3 prefer Brand C is ________.

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Definitions:

Gasoline

A volatile, flammable liquid derived from petroleum, used primarily as fuel in internal combustion engines.

Gas Pump

A gas pump is a machine at a filling station that is used to transfer gasoline from a reservoir to a vehicle's fuel tank.

Reservation Price

The maximum or minimum price at which a consumer is willing to buy or sell a good or service.

Utility Function

A representation in economics that maps a set of goods and services into a numerical level of utility (satisfaction or happiness) that a consumer derives from those goods and services.