Question
Before a marketing research study was done, Company XYZ believed there was a 55 percent chance that their shopping mall would be a success. The
Before a marketing research study was done, Company XYZ believed there was a 55 percent chance that their shopping mall would be a success. The research team determined that there is a 0.10 probability that the marketing research will be favorable given an unsuccessful shopping mall. There is also a 0.25 probability that the marketing research will be unfavorable given a successful shopping mall.
(a) If the marketing research is favorable, what is the revised probability of a successful shopping mall?
(b) If the marketing research is unfavorable, what is the revised probability of an unsuccessful shopping mall?
(You should show your work for full credit. Round your answers to two decimal points.)
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