Quinn Company reports the following results for the month of November: 
Management is considering the following independent courses of action to increase net income.
1. Increase selling price by 6% with no change in total variable costs.
2. Reduce variable costs to 65% of sales.
3. Reduce fixed costs by $20,000.
Instructions
If maximizing net income is the objective, which is the best course of action?
Definitions:
Conditional Probability
Conditional probability is the probability of an event occurring given that another event has already occurred.
Independent Events
Two events are considered independent if the occurrence of one does not affect the probability of occurrence of the other.
Simultaneously
Occurring, operating, or done at the same time; often used in statistical contexts to describe events or processes that happen concurrently.
Complement
In probability and statistics, it refers to the event of something not happening, the counterpart to the occurrence of a specific event.
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