Use the Information Below to Answer the Following Questions)

question 21

Multiple Choice

Use the information below to answer the following questions)
Misty Inc. launches a new range of perfumes for men and women. The probability of high consumer demand for the product is 0.6 and low consumer demand is 0.4. The probability of a favorable survey response given high consumer demand is 0.9 and the probability of a favorable survey response given low consumer demand is 0.2.
-A children's welfare fundrai'er involves selling one thousand $70 tickets to win a $20,000'grand prize. If the probability of winning is only 0.005, what is the expected payoff?

• A) -$40
• B) -$50
• C) $30
• D) $60

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Definitions:

Query

A request for information from a database, returning a specific set of data that matches the query's parameters.

Current Due

The amount of money that is owed and must be paid at present or by a specified date.

Criterion

A principle or standard by which something may be judged or decided.

Shortcut Menu

A contextual menu that appears when a user clicks on an object with the right mouse button, providing quick access to common tasks.