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If a Product Is Made Using Five Individual Components,and the Product

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Essay

If a product is made using five individual components,and the product meets specifications with probability.98,what is the probability of an individual component meeting specifications? You may assume that all five components have the same probability of meeting specifications independently of each other.


Definitions:

Global Market Segments

The division of a worldwide market into distinct subsets of customers with common needs or characteristics, which can be targeted with specific marketing strategies.

Economies of Scale

Benefits in expenses that companies gain because of their operational size, typically seeing a reduction in cost for each unit produced as the size of operations grows.

Economies of Scale

Businesses achieve cost savings from their large scale of operations, as the cost per unit produced decreases when the scale increases.

Purchasing Power

The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy.

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