The company "Buy more SA de Cv" conducts a market survey to evaluate the profitability of each of the new products. Previous surveys indicate that 90% of new products should be profitable; however, a subsequent analysis of the reliability of the surveys has shown that only 70% of the products that were predicted to be profitable were indeed profitable. In contrast, of the products forecast as nonprofit by surveys, 20% turned out to be profitable. The company has commercialized a new product called "x". Since "x" turned out to be lucrative. What is the probability that the survey predicted "x" as nonprofit?

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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The company "Buy more SA de Cv" conducts a market survey to
evaluate the profitability of each of the new products. Previous
surveys indicate that 90% of new products should be profitable;
however, a subsequent analysis of the reliability of the surveys has
shown that only 70% of the products that were predicted to be
profitable were indeed profitable. In contrast, of the products forecast
as nonprofit by surveys, 20% turned out to be profitable. The company
has commercialized a new product called "x". Since "x" turned out to
be lucrative. What is the probability that the survey predicted "x" as
nonprofit?
Transcribed Image Text:The company "Buy more SA de Cv" conducts a market survey to evaluate the profitability of each of the new products. Previous surveys indicate that 90% of new products should be profitable; however, a subsequent analysis of the reliability of the surveys has shown that only 70% of the products that were predicted to be profitable were indeed profitable. In contrast, of the products forecast as nonprofit by surveys, 20% turned out to be profitable. The company has commercialized a new product called "x". Since "x" turned out to be lucrative. What is the probability that the survey predicted "x" as nonprofit?
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