Employees of a Local University Have Been Classified According to Gender

question 136

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 an hourly staff member?

• A)0.133
• B)0.533
• C)0.667
• D)0.400
• E)0.333

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, reaching a state of balance where there are no surplus or shortage.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, reflecting gains from trade.

Price Ceiling

A government-imposed limit on the maximum price that can be charged for a product or service.

Price Floor

A government-imposed minimum price charged for a commodity, intended to protect producers by ensuring prices do not fall below a certain level.