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California Consulting, LLC is a consulting business operated by Dr. Matecki and one of his colleagues. In a typical year, California Consulting responds to 12 requests for proposals (RFPs) in hopes of obtaining business. Each RFP results in either a 'success' (California Consulting is awarded the contract) or a 'failure' (California Consulting does not win the business). Assume that the outcomes follow the binomial distribution with the probability of success equal to 0.4.
a. What is the probability of exactly 6 successful RFPs?
What is the formula used
Consider a hypothetical economy that produces at its long-run macroeconomic equilibrium at a price level of 100.
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We would expect India using the rule of 72 to double its GDP per capita in 12 years if current growth of GDP and population continues. I tell you that its GDP growth rate is 7%. What is its population growth rate?
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