Question: I need to know the steps to solve the below problem using excel. A market research company surveyed consumers to determine their ranked preferences for

I need to know the steps to solve the below problem using excel. A market research company surveyed consumers to determine their ranked preferences for energy drinks among Monster, Red Bull, and Rockstar.

a. What are the outcomes of this experiment for one respondent?

b. What is the probability that one respondent will rank Red Bull first?

c. What is the probability that two respondents will rank Red Bull first?

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9. How much of the information collected will be used in decision-making?

1. Background knowledge of the subject and

4. What specific changes in the environment have taken place in relation to the information we have collected?