Question
Historically, 20% of the business entrepreneurs graduate from the top MBA program. Of those who graduated from the top MBA program, 60% are successful, while
Historically, 20% of the business entrepreneurs graduate from the top MBA program. Of those who graduated from the top MBA program, 60% are successful, while only 30% of the entrepreneurs not graduating from top MBA program are successful. Let M represent the event a business entrepreneur graduates from the top MBA program and S represent the event they are successful. (a) What is the probability that a randomly selected entrepreneur is successful? (b) Given that an entrepreneur is successful, what is the probability that he/she/they graduated from the top MBA program? (c) Are the events M and S independent? Justify. (d) Are the events M and S mutually exclusive? Justify.
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