Find the Indicated Probability If One of the 255 Subjects Is Randomly Selected, Find

question 154

Multiple Choice

Find the indicated probability. Express your answer as a simplified fraction unless otherwise noted.
-The table below shows the soft drinks preferences of people in three age groups. $$\begin{array} { r | c c c } & \text { cola } & \text { root beer } & \text { lemon-lime } \\\hline \text { under 21 years of age } & 40 & 25 & 20 \\\text { between 21 and 40 } & 35 & 20 & 30 \\\text { over 40 years of age } & 20 & 30 & 35\end{array}$$ If one of the 255 subjects is randomly selected, find the probability that the person is over 40 and drinks cola.

• A) \(\frac { 4 } { 17 }\)
• B) \(\frac { 4 } { 51 }\)
• C) \(\frac { 4 } { 19 }\)
• D) None of the above is correct.

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Definitions:

Allocative Efficiency

A state of the economy in which production represents consumer preferences; in other words, when capital goods are distributed in the most beneficial manner among the population.

Production Possibilities Curve

A graphical representation that shows the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully and efficiently utilized.

Competitive Markets

Markets where numerous producers and consumers interact, leading to efficient distribution of goods and services and price determination through supply and demand.

Supply and Demand

A fundamental economic model that describes how prices and quantity of goods and services are determined in a market.