Question
A consumer products company found that 49% of successful products also received favorable results from test market research, whereas 13% had unfavorable results but nevertheless
A consumer products company found that 49% of successful products also received favorable results from test market research, whereas 13% had unfavorable results but nevertheless were successful. That is, P(successful product and favorable test market)=0.49 and P(successful product and unfavorable test market)=0.13. They also found that 24% of unsuccessful products had unfavorable research results, whereas 14% of them had favorable research results, that is P(unsuccessful product and unfavorable test market) =0.24 and P(unsuccessful product and favorable test
market)=0.14.
Find the probabilities of successful and unsuccessful products given known test market results, that is, P(successful product given favorable test market), P(successful product given unfavorable test market), P(unsuccessful product given favorable test market), and P(unsuccessful product given unfavorable test market).
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