A Car Salesman Has a 5% Chance of Landing a Sale

question 7

Short Answer

A car salesman has a 5% chance of landing a sale with a random customer on his lot.Suppose 10 people come on the lot today.
A)What is the probability that he sells exactly three cars today?
B)What is the probability he sells less than two cars today?
C)What is the expected number of cars he is going to sell today?

• A)What is the probability that he sells exactly three cars today?
• B)What is the probability he sells less than two cars today?
• C)What is the expected number of cars he is going to sell today?

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Definitions:

Differentiation

The process of distinguishing a product, service, or brand from competitors in ways that make it more appealing to the target market.

New Innovative Unit

A specialized group or department within an organization focused on developing innovative strategies, products, or services.

Market Mechanisms

The various processes and systems through which goods, services, and securities are traded in a market, determining prices through supply and demand.

Formal Lines

refer to the established, official communication channels and organizational structures in a company or institution, designed to facilitate order and efficiency.