Johnstone & Johnstone (J&J) has developed a new type of hand lotion with a distinctive fragrance. Before

Question:

Johnstone & Johnstone (J&J) has developed a new type of hand lotion with a distinctive fragrance. Before distributing it nationally, J&J will test market the new product. The joint probability of a successful test market and high sales upon national distribution is 0.5. The joint probability of a successful test market and low sales nationally is 0.1. The joint probabilities of an unsuccessful test market and either high or low sales are both 0.2.

a. Use this data to construct a joint probability table.

b. What is the marginal probability of a successful test market?

c. What is the conditional probability of high sales given a successful test market?

d. What is the conditional probability of a successful test market given that the product is destined for high sales nationally?

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...