A study of restaurant failure rates that tracked turnover among 2500 restaurants in Columbus, Ohio, over a

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A study of restaurant failure rates that tracked turnover among 2500 restaurants in Columbus, Ohio, over a three-year period found that one in four restaurants close or change ownership within their first year of business. Over three years, that number rises to three in fve. You select fve new Columbus restaurants. Use the binomial function to compute probabilities for the following events:
a. Exactly three of the fve restaurants fail or change ownership in the frst year.
b. Exactly four of the restaurants will NOT fail or change ownership in the frst year.
c. No more than two restaurants fail or change ownership over the frst three years.
d. All fve fail or change ownership during the frst three years.
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Related Book For  book-img-for-question

Understanding Business Statistics

ISBN: 978-1118145258

1st edition

Authors: Stacey Jones, Tim Bergquist, Ned Freed

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