Question
Textbook publishers must estimate the sales of new (first-edition) books. The records of one major publishing company indicate that 10% of all new books sell
Textbook publishers must estimate the sales of new (first-edition) books. The records of one major publishing company indicate that 10% of all new books sell more than projected, 30% sell close to the number projected, and 60% sell less than projected. Of those that sell more than projected, 70% are revised for a second edition, as are 50% of those that sell close to the number projected, and 20%of those that sell less than projected.
a. What percentage of books published by this publishing company go to a second edition? b. What percentage of books published by this publishing company that go to a second edition sold less than projected in their first edition?
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