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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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 $10,000. 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 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? The expected profit is (Type an integer or a decimal.)
A company is trying to decide if they should make a bid on a project that would generate 450,000 in profit. It will cost $100,000 to develop the bid and they will have a 35% chance of winning the contract. What is the expected net profit (project profit less bid development cost) associated with making the bid?
please do all parts asap
Daily Airlines flies from Amsterdam to London every day. The price of a ticket for this extremely popular flight route is $75. The aircraft has a passenger capacity of 150. The airline management has made it a policy to sell 160 tickets for this flight in order to protect themselves against no-show passengers. Experience has shown that the probability of a passenger being a no-show is equal to 0.1. The booked passengers act independently of each other. Given this overbooking strategy, what is the probability that some passengers will have to be bumped from the flight?
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 $10,000. 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?
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.)
The M&M/Mars candy company does a lot of market research to determine the most appealing mix of colors in M&M candies. Recently, one mix was: Purple 20%; Yellow 20%; Red 20%; Orange 10%; Green 10%; Blue 10% and Brown 10%. Suppose you reach into a bag of M&M candies and draw out ONE candy at random. What is the likelihood of drawing a Purple candy?
The Plush Zo store sells stuffed animals. The store is running a special on teddy bears this month. One day, the shopkeeper took a sample of stuffed animals at the store. She found that 4 of the 15 stuffed animals that she sampled were teddy bears. The store had 590 stuffed animals on that day, and 110 of those stuffed animals were teddy bears. For the shopkeeper's sample, find and write with proper notation the population proportion and sample proportion of stuffed animals that were teddy bears. Write the proportions as decimals (not percentages) rounded to two decimal places. (a) Population proportion: (Choose one) V ? (b) Sample proportion: (Choose one) ▼
A scientist walks into the courtroom and states that most scientists believe exactly 50% of the population is female. He says he wants to prove the case that these scientists are wrong and the true % of females in the population is different. Before he presents his case, we say we’ll believe him if there is a 5% chance or less that he is wrong. He presents his evidence and we conclude that there is only 3% chance that the population is exactly 50%. What should jury conclude? A. The scientist has strong evidence that the population IS NOT 50% female. B. The scientist does not have enough evidence that the population IS NOT 50% female.
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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