A Caterer Proposes to Serve Four Main Courses Of the First 100 Customers, 44 Select Roast Beef, 24

question 39

Essay

A caterer proposes to serve four main courses. For planning purposes, the caterer expects that the proportions of each that will be selected by customers will be: $$\begin{array} { | l | c | } \hline \text { Selection } & \text { Proportion } \\\hline \text { Roast beef } & 0.50 \\\hline \text { Chicken } & 0.20 \\\hline \text { Fish } & 0.10 \\\hline \text { Vegeterian } & 0.20 \\\hline\end{array}$$ Of the first 100 customers, 44 select roast beef, 24 select chicken, 13 select fish, and 19 select the vegetarian meal. Should the caterer revise the estimates? Use $\alpha$ = 0.05.

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Definitions:

Conception of the World

An individual or collective understanding and interpretation of the world around us, including beliefs about nature, society, and the universe.

Satisfice

To select the first alternative that is “good enough,” because the costs in time and effort are too great to optimize.

Bounded Rationality

A concept suggesting that individuals make decisions based on the limited information available to them and within the constraints of their cognitive capacity.

Optimizing

The process of making something as effective, perfect, or functional as possible, often by choosing the best option from a set of alternatives.