Question
Before you start marketing a new product across the country, manufacturers often check it with a selection of potential buyers. Methods for conducting sampling procedures
Before you start marketing a new product across the country, manufacturers often check it with a selection of potential buyers. Methods for conducting sampling procedures have already been tested and have a certain degree of reliability. For some goods it is known that a check will indicate its possible success in the market with a probability of 0.75 if the goods are really successful; the check may also show the possibility of success of the product if it is unsuccessful, with a probability of 0.15. From past experience it is known that a new product can be successful in the market with a probability of 0.6. If a new product has passed selective testing and its results have indicated the possibility of success, then what is the likelihood that this is true?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started