The Customer Service Department of H&R Block Received a Total

question 94

Multiple Choice

The customer service department of H&R Block received a total of 235 telephone requests for a tip-
Sheet on personal tax or corporate tax. The following table summarizes callers' primary area of
Interest, and how they first heard about the tip-sheet.
What is the probability a caller is interested in personal tax given that he first heard of the tip-sheet
In the newspaper?

• A) 106/135
• B) 20/90
• C) 70/135
• D) 90/235
• E) 70/90

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Definitions:

Maximum Price

A price ceiling set by a government or regulatory body, above which a particular good or service cannot be sold, often to protect consumers.

Equilibrium Prices

The price at which the quantity of a good supplied is equal to the quantity demanded, leading to market balance.

Consumer Surplus

The difference in the total amount that customers are ready and financially able to invest in a good or service and the amount they truly pay.

Producer Surpluses

The difference between what producers are willing to sell their goods for and the actual price they receive.