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Wagenlucht Ice Cream Company is always trying to create new flavors of ice cream. They are market testing three kinds to find out which one has the best chance of becoming popular. They give small samples of each to 40 people at a grocery store. 8 ice cream tasters preferred the strawberry Cream, 24 preferred Choco-Nuts, and 8 loved the Orange Mint. Construct a Pareto chart to represent these preferences. Choose the vertical scale so that the relative frequencies are represented.
Price Reduction
A decrease in the selling price of goods or services, typically to attract customers or boost sales.
Traceable Fixed Expense
Costs that are constant and can be directly attributed to a particular department, project, or business segment.
Net Operating Income
The total profit of a company after operating expenses are subtracted from operating revenues, excluding taxes and interest.
Price Hike
An increase in the price of goods or services offered by a company.
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