The Binomial Distribution Can Be Well Approximated by the Normal

question 57

True/False

The binomial distribution can be well approximated by the normal distribution when the number of trials n is sufficiently small and the probability of success p is not too close to 0 or 1.

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Definitions:

Memory Cards

Portable electronic storage devices used for storing digital information in various electronic devices, such as cameras, phones, and computers.

Cross Elasticity of Demand

A measure of how the quantity demanded of one good changes in response to a price change in another good.

Substitutes

Goods or services that can replace each other in usage, offering alternative choices to consumers.

Complements

Goods or services that are used together, where the use of one increases the demand for the other.