Out of 100 buyers, 32 bought chocolate ice cream, 64 bought vanilla ice cream, 20 bought chocolate and vanilla ice cream. If a buyer (chosen at random) bought a vanilla ice cream, what is the probability he/she also bought choco- late ice cream? Use Venn diagram.
Note that there are 64 buyers who bought vanilla ice cream .
now out of these 64 buyers 20 bought chocolate ice cream also .
So, required probability p = 20/64 = 0.3125
Out of 100 buyers, 32 bought chocolate ice cream, 64 bought vanilla ice cream, 20 bought...
3. Sara views chocolate and vanilla ice cream as perfect substitutes. She likes both and is always willing to trade one scoop of chocolate for two scoops of vanilla ice cream. a. What is Sara's MRS of chocolate to vanilla ice cream? b. If the price of a scoop of chocolate ice cream (Pc) is three times the price of vanilla (Pv), will Sara buy both types of ice cream? If not, which will she buy?
Among a group of boys, 70% like chocolate ice cream, 40% like strawberry ice cream, and 30% like both. If a boy is randomly selected from the group, what is the probability that he likes either chocolate or strawberry ice cream, but not both? a) 10% b) 20% c) 30% d) 50% e) 80%
Your government desires that the poor in your economy eat more French Vanilla Ice Cream (a healthy protein supplement). So it taxes the rich and gives the tax revenues as a $20.00 per-month subsidy to each poor person with which she/he MUST spend on this ice cram flavor. (a)With the price of "all other goods (AOG)" at $1.00 per unit and the price of French Vanilla Ice Cream at $1.00 for dollar each carton, show how a typical poor person with an income...
The Chocolate Ice Cream Company and the Vanilla Ice Cream Company have agreed to merge and form Fudge Swirl Consolidated. Both companies are exactly alike except that they are located in different towns. The end-of-period value of each firm is determined by the weather, as shown below. There will be no synergy to the merger. State Probability Value Rainy .1 $ 280,000 Warm .4 460,000 Hot .5 920,000 The weather conditions in each town are independent of those in...
Main Street Ice Cream Company uses a plantwide allocation method to allocate overhead based on direct labor-hours at a rate of $3 per labor-hour. Strawberry and vanilla flavors are produced in Department SV. Chocolate is produced in Department C. Sven manages Department SV and Charlene manages Department C. The product costs (per thousand gallons) follow. StrawberryVanillaChocolateDirect labor (per 1,000 gallons)$750$825$1,125Raw materials (per 1,000 gallons)800500600 Required:a. If the number of hours of labor per 1,000 gallons is 50 for strawberry, 55 for vanilla, and...
The Chocolate Ice Cream Company and the Vanilla Ice Cream Company have agreed to merge and form Fudge Swirl Consolidated. Both companies are exactly alike except that they are located in different towns The end-of-period value of each firm is determined by the weather, as shown below. There will be no synergy to the merger State Rainy Warm Hot Probability Value 1 270,000 450,000 905,000 4 5 The weather conditions in each town are independent of those in the other....
A report just came out that stated that 21% of all Americans say that vanilla is their favorite ice cream, 232% say that chocolate is their favorite, 8.4% favor butter pecan, 8.7% favor strawberry, and the rest have other favorites. An ice cream shop owner thinks that her customers are not like the rest of America. The table below shows the results of 925 of her patrons' ice cream selections. What can be concluded at the a=0.10 significance level? a....
Historically, Ericson had been the low-cost producer of vanilla and chocolate ice crema and enjoyed profit margins in excess of 20% of sales. Several years ago, Dennis Selmor, the sales manager, had seen opportunities to expand the business by extending the product line to new flavours that earned premium selling prices. Five years earlier, Ericson had introduced strawberry ice cream, which required the same basic production technology but could be sold at prices that were 3% higher than vanilla and...
1. You have conducted a study asking 20 people what their favorite flavor of ice cream is. Using the following data set, create a: a. Frequency table, including simple frequency, relative frequency, and cumulative frequency b. Bar Chart or Histogram (Whichever is appropriate) Data: Chocolate, Vanilla, Vanilla, Mint Chocolate Chip, Butterscotch, Vanilla, Strawberry, Vanilla, Butterscotch, Chocolate, Neapolitan, Strawberry, Strawberry, Neapolitan, Mint Chocolate Chip, Strawberry, Butterscotch, Mint Chocolate Chip, Vanilla, Chocolate 2. The following is a set of scores from a...
Practice Problem set 4 (Due Tuesday) Bonus points 3 Name Answer the following questions using the data gathered by researchers, from a random sample of undergraduate students during Spring 2015. 1. It is estimated that that Shoe size of adults 18-20 yrs. Follows a normal distribution with mean 9.5 and sd-2 (55 follows N(9.5, 2)). Test if this is true for the sample of 31 students using the 68, 95, 99.5 rule for normal distributions. Interval Number in this interval...