The Number of Female Customers Out of a Random Sample

question 226

True/False

The number of female customers out of a random sample of 100 customers arriving at a department store has a binomial distribution.

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Definitions:

Market Price

The current price at which an asset or service can be bought or sold.

Variable Cost Concept

The principle stating that costs change in proportion to changes in volume of activity or production.

Cost-Plus Approach

A pricing strategy where the selling price is determined by adding a specific markup to a product's cost price to cover overheads and profit.

Markup

The amount added to the cost of a product or service to arrive at a selling price.