Exhibit 5-11

question 112

Multiple Choice

Exhibit 5-11.For a particular clothing store,a marketing firm finds that 16% of $10-off coupons delivered by mail are redeemed.Suppose six customers are randomly selected and are mailed $10-off coupons. Refer to Exhibit 5-11.What is the probability that at least two of the customers redeem the coupon?

• A)0.2472
• B)0.3513
• C)0.4015
• D)0.7528

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Definitions:

Classical Economist

An economist adhering to a school of thought originating in the late 18th and early 19th centuries, focusing on free markets, the role of self-interest, and the importance of limiting government intervention in the economy.

Interest Rates

A lender's charge to a borrower, expressed as a proportion of the principal, for accessing assets.

Supply and Demand

Economic model of price determination in a market, stating that the price of a good or service varies directly with its demand and inversely with its supply.

Government

An organization or system that governs and implements decisions in a community, country, or society through the establishment of rules and the management of public services.