3. Peter Martin is going to help his brother open a food store.Peter initially believes that there is a 60 % chance that hisbrother's food store would be a success.To assure success, Peter is considering doing a market researchstudy. Based on historical data, there is a 0.8 probability that themarketing research will be favorable given a successful foodstore. Moreover, there is a 0.7 probability that the marketingresearch will be unfavorable given an unsuccessful food store.(a) If the marketing research is favorable, what is the probabilitythat the store will be successful?(b) If the marketing research is unfavorable, what is theprobability that the store will be successful?

Answered: Image /qna-images/answer/576351eb-d4de-4986-8c51-eb8308b4c604.jpg

Answered: 3. Peter Martin is going to help his…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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A politician running for Senate in California claims that only 34% of Californians approve of the job her competitor is doing. Melissa wants to test if this is true. She surveys 50 Californians. 1. Assuming the politician's claim about her competitor's approval rating is true, what is the probability that more than 40% of those surveyed approve of the competitor? 2. If Melissa does find that more than 40% of those surveyed approve of the competitor, would you doubt the politician's claim? Why or why not? (Consider this question on your own. You do not have to provide an answer here.)
Two friends are opening a coffee shop. As they write their business plan, they research the amount of debt similar businesses can have in the first two years of opening. It is known that 72% of coffee shops have a debt of over $50,000 within the first two years of opening. If a random sample of 36 coffee shops is obtained, use a calculator to find the probability that more than half of them had debt of over $50,000 within the first two years of opening. Round your answer to three decimal places. Provide your answer below:
Please don't provide handwritten solution.....
Christine Wong has asked Dave and Mike to help her move into a new apartment on Sunday morning. She has asked them both, in case one of them does not show up. From past experience, Christine knows that there is a 36% chance that Dave will not show up and a 26% chance that Mike will not show up. Dave and Mike do not know each other and their decisions can be assumed to be independent. a. What is the probability that both Dave and Mike will show up? (Round your answer to 2 decimal places.) Probability b. What is the probability that at least one of them will show up? (Round your answer to 2 decimal places.) Probability c. What is the probability that neither Dave nor Mike will show up? (Round your answer to 2 decimal places.) Probability
An airline is considering adding a route to the city of Buffalo, NY. Market research predicts that if the airline serves Buffalo, there is a 32% probability of making a $500,000 profit, a 22% chance of breaking even, and a 46% probability of losing $300,000. What is the expected value of adding a route to Buffalo?
In a recent year, the percentage of patients at a doctor's office who received a flu shot was 60%. A campaign by the doctors and nurses was designed to increase the percentage of patients who obtain a flu shot. The doctors and nurses believed there was an 80% chance that someone who received a shot in year 1 would obtain a shot in year 2. They also believed that there was a 40% chance that a person who did not receive a shot in year 1 would receive a shot in year 2. Complete parts (a) through (c) below. (a) Give the transition matrix for this situation. Set up the transition matrix P so that the first row and first column represent obtaining a flu shot and the second row and second column represent not obtaining a flu shot. P = (Type an integer or decimal for each matrix element.)
1. Researchers are interested in the relationship between vaping and upper respiratory infections. Suppose that 15% of their population of interest has vaped in the past year and 25% have had an upper respiratory infection in the past year. In addition, they know that 10% have both vaped and had an upper respiratory infection in the past year. What percent of the population has neither vaped nor had an upper respiratory infection in the past year? b. What is the probability of having an upper respiratory infection in the past year given that the person has vaped in the past year? What is the complement of the event in part b)? Be sure to interpret this probability in the context of the problem. a. C. d. What is the probability of having an upper respiratory infection in the past year given that the person has not vaped in the past year? Are the two events independent? Be sure to justify your answer. Based on your calculations what can you conclude about the relationship between vaping…
1)An investment counselor calls with a hot stock tip. He believes that if the economy remains strong, the investment will result in a profit of $50,000. If the economy grows at a moderate pace, the investment will result in a profit of $20,000. However, if the economy goes into recession, the investment will result in a loss of $50,000. You contact an economist who believes there is a 30% probability the economy will remain strong, a 60% probability the economy will grow at a moderate pace, and a 10% probability the economy will slip into recession. What is the expected profit from this investment?
An investment counselor calls with a hot stock tip. He believes that if the economy remains strong, the investment will result in a profit of $40,000. If the economy grows at a moderate pace, the investment will result in a profit of $20,000. However, if the economy goes into recession, the investment will result in a loss of $40,000. You contact an economist who believes there is a 20% probability the economy will remain strong, a 70% probability the economy will grow at a moderate pace, and a 10% probability the economy will slip into recession. What is the expected profit from this investment?

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