Question

The editor of a textbook publishing company is trying to decide whether to publish a proposed business statistics textbook. Information on previous textbooks published indicate that 10% are huge​ successes, 20% are modest​ successes, 40% break​ even, and 30 % are losers.​ However, before a publishing decision is​ made, the book will be reviewed. In the​ past, 99 %of the huge successes received favorable​ reviews, 60% of the moderate successes received favorable reviews, 50 % of the​ break-even books received favorable​ reviews, and 30 % of the losers received favorable reviews. Complete parts​ (a) and​ (b).

a. If the proposed textbook receives a favorable​ review, how should the editor revise the probabilities of the various outcomes to take this information into​ account?

-The probability that if the proposed textbook receives a favorable​ review, the book will be a huge success is _________ (round to 3 decimal places as needed)

-The probability that if the proposed textbook receives a favorable​ review, the book will be a modest success is_________(round to 3 decimal places as needed)

-The probability that if the proposed textbook receives a favorable​ review, the book will break even is ________ (round to 3 decimal places as needed)

-The probability that if the proposed textbook receives a favorable​ review, the book will be a loser is _________(round to 3 decimal places as needed)

b. What proportion of textbooks receives favorable​ reviews?

-The proportion of textbooks that receive a favorable reviews is_______ (round to 3 decimal places as needed)

Answer 1

a)

0.1944

0.2357

0.3929

0.1768

b)

0.509

#UPVOTE