Instruction 4-4 Suppose That Patrons of a Restaurant Were Asked Whether They

question 66

Short Answer

Instruction 4-4
Suppose that patrons of a restaurant were asked whether they preferred beer or whether they preferred wine.70% said that they preferred beer.60% of the patrons were male.80% of the males preferred beer.
-Referring to Instruction 4-4,suppose a randomly selected patron is a female.Then the probability the patron prefers beer is ________.

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Definitions:

Production Possibilities

This represents a diagram that outlines the peak production options for two different goods, taking into account a mixture of inputs such as resources and other variables.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two or more goods, given a set of inputs, representing the trade-offs in production choices.

Opportunity Cost

The consequence of dismissing the next most suitable option while deciding.

Production Possibilities

Various combinations of the amounts of goods and services that an economy can produce efficiently with its available resources and technology.