Instruction 4.8 According to the Record of the Registrar's Office at a at a University

question 58

Short Answer

Instruction 4.8
According to the record of the registrar's office at a university, 35% of the students are first-year, 25% are second-year, 16% are third-year and the rest are doing their honours year. Among the first-year, second-year, third-year and honours students, the portion of students who live in a residential college are, respectively, 80%, 60%, 30% and 20%.
-Referring to Instruction 4.8,what is the probability that a randomly selected student is a third-year or honours student who lives in a residential college?

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Definitions:

Average Variable Cost

The total variable costs of production divided by the number of units produced, representing the variable cost per unit.

Store Traffic

The number of people who visit a retail location within a given time frame.

Penetration Pricing

A pricing strategy where the price of a new product is intentionally set lower than the competition to gain market share quickly.

Price Skimming

A pricing strategy in which a company charges the highest initial price that customers will pay for a new product, then gradually lowers the price to attract more price-sensitive customers.