The 150 Residents of the Town of Wonderland Were Asked

question 31

Multiple Choice

The 150 residents of the town of Wonderland were asked their age and whether they preferred vanilla, chocolate, or swirled frozen yogurt. The results are displayed next. What is the probability a randomly selected customer prefers chocolate given he or she is at least 25 years old?

• A) 0.10
• B) 0.20
• C) 0.27
• D) 0.77

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Definitions:

Quality Costs

The expenses associated with preventing, detecting, and correcting defective work, categorized into prevention, appraisal, and failure costs.

Total Quality Management

A comprehensive management approach focusing on continuous improvement in all organizational processes, aiming for long-term success through customer satisfaction.

Target Selling Price

The price at which a company aims to sell its product or service, determined by factors such as cost, market demand, and competition.

Target Margin

The desired profit margin that a company aims to achieve for a product or service, used as a benchmark for pricing and cost management strategies.