Chamber of Commerce a Local Chamber of Commerce Is Backing a Plan for a Plan

question 4

Short Answer

Chamber of Commerce
A local chamber of commerce is backing a plan for a new convention center.The chamber states that 60 percent of the voters favor the plan,which would raise tourism business and taxes for the residents.Four of the registered voters in the community are called at random.X is the number of voters called who say they favor the plan.
-Find the probability that exactly 2 voters sampled favor the plan.

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Definitions:

Advertising

The action of calling public attention to products, services, needs, etc., especially by paid announcements in print, broadcast, or online media.

Monopolistic Competition

A market structure where many companies sell products that are similar but not identical, allowing for some degree of market power.

Market Structure

The organization and characteristics of a market, including the number and size of firms, product differentiation, and entry and exit barriers.

Homogeneous Products

Goods that are seen as identical by consumers, making them perfect substitutes for one another.