TABLE 5-2 a Certain Type of New Business Succeeds 60% of the of the Time

question 103

Short Answer

TABLE 5-2
A certain type of new business succeeds 60% of the time. Suppose that three such businesses open (where they do not compete with each other, so it is reasonable to believe that their relative successes would be independent).
-Referring to Table 5-2, the probability that all three businesses succeed is ________.

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Definitions:

Learning Histories

The accumulated experiences and processes through which individuals have acquired knowledge and skills over time.

Taste Preferences

Individual differences in liking or disliking of flavors or food items.

Visual Illusions

Perceptual experiences where the visual perception of an object or scene diverges significantly from reality, often exploring the nature of human visual perception.

Door-In-The-Face Technique

A persuasion strategy that involves making a large request that is expected to be refused in order to make a smaller request seem more reasonable.