SCENARIO 4-3 A Survey Is Taken Among Customers of a Fast-Food Restaurant

question 122

Short Answer

SCENARIO 4-3
A survey is taken among customers of a fast-food restaurant to determine preference for hamburger or chicken.Of 200 respondents selected,75 were children and 125 were adults.120 preferred hamburger and 80 preferred chicken.55 of the children preferred hamburger.
-Referring to Scenario 4-3,the probability that a randomly selected individual is an adult,or a child is_____ .

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Definitions:

Selling Expenses

Costs incurred directly in the selling of goods or services, including advertising, sales commissions, and promotional materials.

Markup

The difference between the cost of a good or service and its selling price, expressed as a percentage of the cost.

Cost-Plus Approach

A pricing strategy where a fixed percentage is added to the production cost to determine the sale price of a product.

Bottleneck

A stage in a process that reduces the overall capacity because it runs at the slowest speed.