In a store, merchandise is classified by a number (1, 2, or 3) and a letter (A or B). The probability an item is classified as type 2 is P(type 2) = 0.09 The probability an item is classified as type 3 is P(type 3) = 0.8 The probability an item is classified as type A if it is type 1 is P(type A if type 1) = 0.45 The probability an item is classified as type B if it is type 1 is P(type B if type 1) = 0.55 The probability an item is classified as type B if it is type 2 is P(type B if type 2) = 0.27 The probability an item is classified as type A if it is type 3 is P(type A if type 3) = 0.67 The probability an item is classified as type B if it is type 3 is P(type B if type 3) = 0.33 Use the given probabilities to find the following probabilities. You may find it useful to use a tree diagram in answering these questions. Give your answers to 4 decimal places. 1. Find P(type 1) 2. Find P(type A if type 2) 3. Find P(type 3 and type A)
In a store, merchandise is classified by a number (1, 2, or 3) and a letter (A or B). The probability an item is classified as type 2 is P(type 2) = 0.09 The probability an item is classified as type 3 is P(type 3) = 0.8 The probability an item is classified as type A if it is type 1 is P(type A if type 1) = 0.45 The probability an item is classified as type B if it is type 1 is P(type B if type 1) = 0.55 The probability an item is classified as type B if it is type 2 is P(type B if type 2) = 0.27 The probability an item is classified as type A if it is type 3 is P(type A if type 3) = 0.67 The probability an item is classified as type B if it is type 3 is P(type B if type 3) = 0.33 Use the given probabilities to find the following probabilities. You may find it useful to use a tree diagram in answering these questions. Give your answers to 4 decimal places. 1. Find P(type 1) 2. Find P(type A if type 2) 3. Find P(type 3 and type A)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:In a store, merchandise is classified by a number (1, 2, or 3) and a letter (A or B).
The probability an item is classified as type 2 is P(type 2) = 0.09
The probability an item is classified as type 3 is P(type 3) = 0.8
The probability an item is classified as type A if it is type 1 is P(type A if type 1) = 0.45
The probability an item is classified as type B if it is type 1 is P(type B if type 1) = 0.55
The probability an item is classified as type B if it is type 2 is P(type B if type 2) = 0.27
The probability an item is classified as type A if it is type 3 is P(type A if type 3) = 0.67
The probability an item is classified as type B if it is type 3 is P(type B if type 3) = 0.33
Use the given probabilities to find the following probabilities. You may find it useful to use a tree diagram in
answering these questions. Give your answers to 4 decimal places.
1. Find P(type 1)
2. Find P(type A if type 2)
3. Find P(type 3 and type A)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education