A marketing research firm provides you with the following information. Historically, they have correctly predicted a...

A marketing research firm provides you with the following information. Historically, they have correctly predicted a positive market 82% of the time and correctly predicted a negative market 76% of the time. Without any market survey information, the estimate for a favorable market is 50% and an unfavorable market is 50%.

a) What is the probability (in percentage) of a favorable market, given that the market survey predicts a favorable market? Answer in integer value.

b) What is the probability (in percentage) of an unfavorable market, given that the market survey predicts an unfavorable market? Answer in integer value.

Expert Solution

Colby Messinger answered 1 year ago

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