Q4. (1 mark) A medical company is considering producing a new medicine (painkiller). A market research firm has told the company that if they perform a survey the successful production of a favorable market occurs 75 percent of the time. That is P(positive survey.l.favorable market) = 0.75. Similarly, 25 percent of the time the survey falsely predicts a favorable market, thus, P(positive survey.lunfavorable market) -0.25. These statistics indicate the accuracy of the survey. Before contacting the market research firm, the company's initial estimate of a favorable market was 60 percent. Using Bayes' theorem, determine the probability of a favorable market given a favorable survey. Q4. (1 mark) A medical company is considering producing a new medicine (painkiller). A market research firm has told the company that if they perform a survey the successful production of a favorable market occurs 75 percent of the time. That is P(positive survey.l.favorable market) = 0.75. Similarly, 25 percent of the time the survey falsely predicts a favorable market, thus, P(positive survey.lunfavorable market) -0.25. These statistics indicate the accuracy of the survey. Before contacting the market research firm, the company's initial estimate of a favorable market was 60 percent. Using Bayes' theorem, determine the probability of a favorable market given a favorable survey