A Survey of a Sample of Business Students Resulted in the Following

question 59

Short Answer

A survey of a sample of business students resulted in the following information regarding the genders of the individuals and their selected major.
Selected Major

a.What is the probability of selecting an individual who is majoring in Marketing?
b.What is the probability of selecting an individual who is majoring in Management, given that the person is female?
c.Given that a person is male, what is the probability that he is majoring in Management?
d.What is the probability of selecting a male individual?

---

Definitions:

Economic Rents

Earnings in excess of the minimum necessary to keep a factor of production in its current use, often associated with restricted supply or monopoly power.

Imperfectly Competitive

A market structure where individual firms have some control over the price of their products due to a lack of perfect competition.

Market Price

The current price at which a good or service is bought and sold in a marketplace, determined by supply and demand dynamics.

Unit Of Output

The measure of the quantity of a product or service produced by a firm, industry, or economic sector.