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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
A company wishes to evaluate the effectiveness of a marketing campaign.Seventy five percent of all potential professors were reached in a focused advertising program.Twenty eight percent of those contacted adopted the book while 8% of the adoptions came from professors who did not receive the promotional material.Define the following events of interest:
A1 = Professor received advertising material
A2 = Professor did not receive advertising material
B1 = Professor adopts the book
B2 = Professor does not adopt the book
-What is the probability that a professor who received advertising material does not adopt the book?
Oral Auction
An event where items or services are sold to individuals who make the highest spoken offer.
True Values
Refers to the actual, inherent value or worth of an item, property, or financial instrument, as opposed to its market price or cost.
Just over
Slightly more than a specified amount, number, or degree.
Consumer Surplus
The discrepancy between what consumers are ready and able to spend on a good or service and the amount they end up paying.
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