Answered: If a price is not marked correctly,…

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Probability

If a price is not marked correctly, what is the probability that the change is a reduction?.

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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Question

In a supermarket, the prices marked on the signs that are placed on the shelf do not always correspond to the current price of the merchandise, since errors may occur when recording price changes. Assume that over time 60% of the price changes are increases and 40% are decreases. Assume also that 93% of the price increases are marked correctly, as are 98% of the reductions. If a price is not marked correctly, what is the probability that the change is a reduction?.

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