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use the following information to answer questions 37 to 40 A company is considering producing a new children's bar soap. A market research firm has
use the following information to answer questions 37 to 40
A company is considering producing a new children's bar soap. A market research firm has told the company that if they perform a survey, a positive survey of a favorable market occurs 68 percent of the time. That is, P (positive survey favorable market) =0.68. Similarly, 25 percent of the time the survey falsely predicts a unfavorable market, thus, P (positive survey unfavorable market) =0.25. These statistics indicate the accuracy of the survey. Prior to contacting the market research firm, the company's best estimate of a favorable market was 60 percent. 37) What is the probability of an unfavorable market? A. 0.32 B. 0.68 C. 0.4 D. 0.6 E. None of the answers provided is correct. 38) What is the probability of getting a negative survey given unfavorable market? A. 0.32 B. 0.68 C. 0.75 D. 0.61 E. None of the answers provided is correct. 39) What is the probability of getting a positive survey and unfavorable market? A. 0.3 B. 0.6 C. 0.1 D. 02 E. None of the answers provided is correct. The table below is provided to help you find the answers. 40) What is the probability of a favorable market given a positive survey (keep the final answer to 3 decimal places)? A. 0.197 B. 0.610 C. 0.803 D. 0.250 E. None of the answers provided is correct Step by Step Solution
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