Question
A consumer products company found that 49% of successful products also received favorable results from test market research, whereas 11% had unfavorable results but nevertheless
A consumer products company found that
49%
of successful products also received favorable results from test market research, whereas
11%
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)=0.11.
They also found that
28%
of unsuccessful products had unfavorable research results, whereas
12%
of them had favorable research results, that is P(unsuccessful product and unfavorable test
market)=0.28
and P(unsuccessful product and favorable test
market)=0.12.
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).
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started