Which of the following are microeconomic problems? (You may select more than one answer.)(a) Work/leisure choice.(b) Marketing s
1 answer:
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Answer:
(a) The probability that the order will include a soft drink and no fries is 0.45.
(b) The probability that the order will include a hamburger and fries is 0.48.
Explanation:
Let the events be denoted as follows:
S = an order of soft drink
H = an order of hamburger
F = an order of french fries.
Given:
P (S) = 0.90
P (H) = 0.60
P (F) = 0.50
(a)
It is provided that the event of ordering a soft drink and fries are independent.
If events A and B are independent then the probability of event (A ∩ B) is:
Compute the probability that the order will include a soft drink and no fries as follows:
Thus, the probability that the order will include a soft drink and no fries is 0.45.
(b)
It is provided that the conditional probability that a customer will order fries given that he/she has already ordered a hamburger as, P (F|H) = 0.80.
The conditional probability of an event B given another event A has already occurred is:
Compute the probability that the order will include a hamburger and fries as follows:
Thus, the probability that the order will include a hamburger and fries is 0.48.