Question Part a: A manager is evaluating production and inventory. In looking over the data, he...

Question

Part a: A manager is evaluating production and inventory. In looking over the data, he decides that a product should be continued if it sold 23,000 over the previous year. In addition, the product is considered “popular” if it receives 50 mentions by the local press over the past year.

In selecting a product at random from the catalog, let C be the likelihood that this particular product sold 23,000 products the past year. Let P be the likelihood that the product received the 50 or more mentions by the local press.

The analyst determines that P(C) = 0.297, P(P) = 0.162, and the probability that a product has sold 8000 items, and was ‘popular’ is 0.083. What is the probability that a randomly selected product either sold the requisite 23,000 items, or that it is ‘popular’?

Part b: Where would the analyst have come up with the probaility values for P(C) andP(P)?

Solutions

Expert Solution

orchestra answered 1 year ago

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