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ECON 2A03 Study Guide - Final Guide: Mutual Exclusivity, Pearson Education, Randomness

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purplehorse999
8 Mar 2022
School
McMaster University
Department
Economics
Course
ECON 2A03
Professor

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Document Summary

Short answer - quiz a: during its grand opening week, stickler"s bicycle shop offers a "wheel of discount savings". : 2: suppose you visit stickler"s bicycle shop in the hopes of getting a 100% discount on your purchases. As you wait your turn in line, there are three gold winners in a row. The two customers in line behind you begin to discuss what"s happened. One believes that the streak of three gold winners has killed anyone else"s chances of getting a 100% discount, while the other says just the opposite that the wheel"s "hot streak" increases their chances of getting a 100% discount. Answer: the spins are independent, so if the wheel is fair, the three gold winners in a row have no effect on the next person"s chances. Copyright 2018 pearson canada, inc: samaracom is a communications and media company.

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Nile.com, the online bookseller, wants to increase its total revenue. One strategy is to offer a 10% discount on every book it sells. Nile.com knows that its customers can be divided into two distinct groups according to their likely responses to the discount. The accompanying table shows how the two groups respond to the discount.

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