Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The marketing director of Ghana DASCO Electronics was interested in studying the intention of consumers to purchase new large TV set in 2020 and as

The marketing director of Ghana DASCO Electronics was interested in studying the intention of consumers to purchase new large TV set in 2020 and as a follow- up, whether they in fact actually purchased the television. Suppose that a sample of 1000 household was initially selected and the respondents were asked whether they planned to purchase a large DASCO TV. Twelve months later the same respondents were asked whether they actually purchased the television. The results are summarized in the table below
 i. Draw a tree diagram to represent the information in the table.
ii. Find the probability of selecting a respondent who actually purchased a large television. Interpret your answer in a simple single sentence.
iii. Compute the marginal probability of planning to purchase a large television.
iv. Find the probability of panned purchase or actual purchase.
v. Calculate the probability that a respondent actually purchased the large television given that he or she planned to purchase.

Total 250 No Planned to Purchase Yes Yes 50 200 100 No 650 750 Total 300 700

Step by Step Solution

3.43 Rating (162 Votes )

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Economics Markets and the Firm

Authors: William Boyes

2nd edition

618988629, 978-0618988624

More Books

Students also viewed these Mathematics questions