The Whiter Smile Company is about to begin selling a new toothpaste. Company planners know that the
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The Whiter Smile Company is about to begin selling a new toothpaste. Company planners know that the probability of the new product being profitable is 10 %. They also know from previous market research that when their test panel likes the product, it has an 80 % chance of being profitable. Historically, panels like 10 % of the new products. Using the Bayesian approach, find the probability that the panel liked the product if the toothpaste is profitable.
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Related Book For
Statistics For Business And Financial Economics
ISBN: 9781461458975
3rd Edition
Authors: Cheng Few Lee , John C Lee , Alice C Lee
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