Use the Table to Find the Probability If a Person Is Selected at Random, Find the Probability

question 197

Multiple Choice

Use the table to find the probability.
-The following table indicates the preference for different types of soft drinks by three age groups. $\begin{array}{r|rrr} & \text { cola } & \text { root beer } & \text { lemon-lime } \\\hline \text { under 21 years of age } & 40 & 25 & 20 \\\text { between 21 and 40 } & 35 & 20 & 30 \\\text { over 40 years of age } & 20 & 30 & 35\end{array}$

If a person is selected at random, find the probability that the person is over 40 years of age given that they drink root beer.

• A) \(\frac { 2 } { 5 }\)
• B) \(\frac { 6 } { 17 }\)
• C) \(\frac { 5 } { 17 }\)
• D) None of the above is correct.

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Definitions:

Pricing Strategy

The approach businesses use to set the prices of their products or services, which can influence demand, profitability, and market positioning.

Initial Price

The starting or original cost of a product or service when it is first offered for sale.

Price-sensitive

Referring to the degree to which the demand for a product or service is affected by changes in its price.

Penetration Pricing

A pricing strategy where the price of a new product is set artificially low in order to gain market share quickly.