Ant Co. has developed a new product, the A-Warren. It is now time to bring the A-Warren productto market. There are two alternatives for Ant-Co either market the product only in the local area, ormarket the product nationally.If Ant Co. rolls out the A-Warren product locally and it is successful, then the company will receive$1.4M from product sales. However, if the local rollout is unsuccessful, then the company will lose$100,000 ($0.1M) due to the costs of advertising.If Ant Co. rolls out the A-Warren product nationally and it is successful, then the company willreceive $3M from product sales. However, if the national rollout is unsuccessful, then the companywill lose $1M due to the costs of advertising.Historically, 40% of Ant Co.'s product rollouts have been successful.Ant Co. could choose to use a focus group to provide feedback on the A-Warren. In the past whenAnt Co.'s products were successful (locally or nationally), the focus group predicted this 80% of thetime. For products that were not successful, the focus group predicted the product would not besuccessful 90% of the time.What is the probability that the A-Warren product will be a success when the focus group predictsthat it will be unsuccessful?None of the answers are correct.0.1290.0800.2000.158

Given that 40% of Ant Co.'s products were successful or probability that a product will be…

Answered: Historically, 40% of Ant Co.'s product…

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 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?
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A manufacturing company produces two types of smartphones, A and B. 30% of the smartphones produced are type A, while 70% are type B. The defect rate for type A smartphones is 2%, while the defect rate for type B smartphones is 4%. If a customer receives a defective smartphone, what is the probability that it is of type A? Show your calculations and reasoning.
According to IT department of leading financial firm, 50% of emails received by their employees are spam. They are planning to install a software which filters the spam emails. A reputable cybersecurity brand has launched a software which claims to detect 99% of spam emails. However, they have also reported 5% as the chance of detecting a non-spam email as spam. If an email is detected as spam, what is the probability of it in fact being a non-spam email?
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.)
Both flu and covid produce fevers. You know from past research that 10% of the population gets flu each year, but it is possible to get both covid and flu. Assume that the probability of getting flu and covid are independent. If this year the percentage of people reporting fever is 20%, what percentage of the population has covid? Studies show that due to similar transmission of flu and covid, someone who has covid has a 20% chance of also getting flu. What then is the probability of someone who has flu also having covid? Given the conditional information above, what is a better estimate of the percentage of people who have covid given the 20% fever reporting?
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?
Customers are used to evaluate preliminary product designs. In the past, 95% of highly successful products received good reviews, 40% of moderately successful products received good reviews, and 10% of poor products received good reviews. In addition, 40% of products have been highly successful, 35% have been moderately successful, and 20% have been poor products. What is the probability that a product attains a good review? If a new design attains a good review, what is the probability that it will be a highly successful product? O a. 0.460, 0.620 O b.0.585, 0.615 OC. NONE O d. 0.540, 0.704
A gas station has three grades of fuel, regular, premium and diesel. Due to problems with the supply chain, the probabilities that the station will run out of any three fuel types in a week are 0.10, 0.16 and 0.24, respectively. These probabilities are statistically independent. Also, if there is a shortage of diesel, the probability of a shortage of premium becomes 0.25. 1. How likely is the station to run out of all three fuels in a given week? 2. What is the probability that if regular runs out, both premium and diesel will also run out? 3. What is the probability that the station will run out of at least one of either premium and diesel? 4. What is the probability that the station will run out of at least 2 of the fuels in a week?
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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