TABLE 4-3 A Survey Is Taken Among Customers of a Fast-Food Restaurant

question 52

Short Answer

TABLE 4-3
A survey is taken among customers of a fast-food restaurant to determine preference for hamburger or chicken. Of 200 respondents selected, 75 were children and 125 were adults. 120 preferred hamburger and 80 preferred chicken. 55 of the children preferred hamburger.
-Referring to Table 4-3, the probability that a randomly selected individual is an adult and prefers chicken is ________.

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Definitions:

Joint Profits

The combined profits earned by two or more firms when they cooperate on a project or merge their operations.

Tacit Price Agreement

An unspoken understanding among competitors to set prices at a certain level without explicit communication.

Kinked Demand Curve

A demand curve in oligopoly market structures, characterized by a distinct bend or kink, indicating different elasticity above and below the current price.

Buying Power

The ability of consumers or businesses to purchase goods and services, influenced by income levels and the price of goods and services.