TABLE 4-4 Suppose That Patrons of a Restaurant Were Asked Whether They

question 64

Short Answer

TABLE 4-4
Suppose that patrons of a restaurant were asked whether they preferred water or whether they preferred soda.70% said that they preferred water.60% of the patrons were male.80% of the males preferred water.
-Referring to Table 4-4,the probability that a randomly selected patron is a female who prefers water is ________.

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Definitions:

Command Economy

A type of economic system where the government or a central authority makes all decisions regarding the production and distribution of goods and services.

Central Government

The government entity or authority that holds the highest level of governance within a nation, responsible for national policies and administration.

Consumer Sovereignty

The theory that consumer preferences and choices dictate the production and sale of goods and services in a market.

Laissez-Faire Economy

An economic system where transactions between private parties are free from government intervention such as regulations, privileges, tariffs, and subsidies.