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A public relations intern realizes that she forgot to assemble the consumer panel her boss asked her to do. She panics and decides to randomly ask (independent) people if they will work on the panel for an hour. Since she is willing to pay them for their work, she believes she will have a 75% chance of people agreeing to work with her. Let Y be the number of people she needs to ask until she nds 5 people for her panel.

a) What are the distribution and parameters of Y ?

b) How many people should she expect to ask to ll her panel?

c) What is the probability she needs to ask 8 people before she nds 5 to ll her panel?

d) What is the probability she needs to ask no more than 7 people before she lls her panel?

Game Theory, Economics

  • Category:- Game Theory
  • Reference No.:- M9356512

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