What Must You Know to Develop a Binomial Probability Distribution

question 23

Multiple Choice

What must you know to develop a binomial probability distribution?

• A)The probability of success
• B)The probability of success and the number of trials
• C)The probability of success and the number of successes
• D)The number of trials and the number of successes

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Definitions:

Selling Price Per Unit

The amount at which a single unit of product is offered for sale to customers.

Contribution Margin

The amount by which a product's sales exceed its variable costs; used to cover fixed costs and contribute to profit.

Variable Cost

Costs that vary in direct proportion to changes in levels of activity or volume of goods produced, such as materials and labor.

Selling Price

The amount charged to customers for a product or service, determining the revenue earned by a business.