The Zagat Restaurant Survey provides food, decor, and service ratings for some of the top restaurants across the United States. For 15 restaurants located inBoston, the average price of a dinner, including one drink and tip, was $48.60. You are leaving on a business trip to Boston and will eat dinner at three of theserestaurants. Your company will reimburse you for a maximum of $50 per dinner. Business associates familiar with these restaurants have told you that the meacost at one-third of these restaurants will exceed $50. Suppose that you randomly select three of these restaurants for dinner.a. What is the probability that none of the meals will exceed the cost covered by your company (to 4 decimals)?b. What is the probability that one of the meals will exceed the cost covered by your company (to 4 decimals)?c. What is the probability that two of the meals will exceed the cost covered by your company (to 4 decimals)?d. What is the probability that all three of the meals will exceed the cost covered by your company (to 4 decimals)?

Given Information Population Size(N) = 15 No of draws (n) = 3 number of successes(r) = 5 Formula…

Answered: The Zagat Restaurant Survey provides…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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When the price of salad was $5, a cafeteria sold 50 packets of salad dressing a day at $0.50 per packet. When they increased the price of salad by 40%, but kept the dressing at the same price, they sold 50% fewer packets of salad dressing.
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Please give step by step correct answer within 40 min. Will definitely give good reviews if answer is correct and typed out .
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