Probability for commercial successes

Assignment Help Basic Statistics

Reference no: EM1312243

In a recent article Crawford notes that the failure rate of new products remains exceedingly high. Lack of product distinctiveness is the reason listed most often by experts seeking to understand the problem. A major publisher of books has estimated from experience that the probability that a new publication becomes a commercial success is 10% and that the success of one publication is independent of the success of another. Suppose that during a given year the publisher introduces three new books to the newsstands of the country.

What is the probability that no more than two of the three are commercial successes?

Reference no: EM1312243

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