Employees of a Local University Have Been Classified According to Gender

question 40

Multiple Choice

Employees of a local university have been classified according to gender and job type. $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Gender }$

$\begin{array} { l c c } \text { Job } & \text { Male (M) } & \text { Female (F) } \\\text { Faculty (FA) } & 110 & 10 \\\text { Salaried staff (SS) } & 30 & 50 \\\text { Hourly staff (HS) } & 60 & 40\end{array}$
If an employee is selected at random,what is the probability that the employee is female or works as a member of the faculty?

• A)0.73
• B)0.08
• C)0.33
• D)0.70
• E)0.05

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Definitions:

Private Company

A business entity owned by private individuals or entities and is not traded publicly on the stock market.

Natural Monopoly

A market condition where due to high infrastructure costs or significant barriers to entry, a single company can supply a product or service more efficiently than any potential competitor.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, reflecting the true financial gain of a business.

Price Discrimination

A pricing strategy where a seller charges different prices for the same product or service to different customers, not based on differences in costs.