Examlex
You are the Webmaster for your firm's Website.From your records,you know that the probability that a visitor will buy something from your firm is 0.23.If the number of visitors in one day is 952,what is the probability that less than 200 of them will buy something from your firm? Use the normal approximation for the binomial.
Additional Unit
An extra item or quantity added to an existing lot or production level.
Law of Demand
An economic principle stating that as the price of a product decreases, consumer demand for the product will increase, and vice versa.
Inverse Relationship
A situation where two variables move in opposite directions, meaning as one variable increases, the other decreases.
Willingness
The readiness or propensity of an individual to engage in a particular action or to accept a certain offer.
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