24. Suppose that a marketing manager is interested in p, the proportion of con¬

sumers that will buy a particular new product. He considers the following two hypotheses:

H0:p = .10 Hi'.p = .20.

His prior probabilities are P (p = .10) = .85 and P (p = .20) = .15, and a random sample of 8 consumers results in 3 consumers who state that they will buy the product if it is marketed.