To identify business opportunities and potential efficiencies, a Lubbock bar rec

Question

To identify business opportunities and potential efficiencies, a Lubbock bar recently kept track of drink orders on a busy Friday night. They found the following breakdown:

Drink Type: 60% beer, 20% shots, 10% mixed drink, 10% other

Purchase With: 50% Cash, 30% credit card, 20% debit card

Bought for: 50% self, 50% someone else

For example, 60% of drinks sold were beer, 20% were shots, 10% were mixed drinks, and 10% were everything else (e.g, wine, water, soft drinks). Using this information, calculate the probability that the next drink order will be the given order of each drink order in questions 16 through 21. For the purposes of these questions, assume that these characteristics (drink type, purchase mode, and relationship between buyer and consumer) are independent.

1. A beer bought with cash.

Explanation / Answer

P(drink type is beer) = 0.6

P(purchase with cash) = 0.5

P(a beer bought for cash) = P(drink type is beer) x P(purchase with cash)

= 0.6 x 0.5

= 0.3

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