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
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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)
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