Question

Question

Answer 1

The probability that the results indicate a successful market for the product and the product is actually not successful is P=0.77.

What is the probability?

Probability refers to a possibility that deals with the occurrence of random events.

Events are given:

S: success

F: failure

MS: market research forecast a success

MF: market research forecast a failure

we have given:

P(S)=0.70

P(F)=0.30

P(S | MS)=0.90

P(F | MS)=0.20

we can derive that P(F | MF)=0.80.

We also can conclude that P(S | MF)=0.10.

We can calculate the probability of having a forecast of a failure,

$P(MF | F) =\dfrac{ P(F | MF)P(F)}{ P(F | MF)P(F) + P(S | MS)P(S) }$

P (MF | F) = 0.24 / 0.31

P (MF | F) = 0.77

The probability that the results indicate a successful market for the product and the product is actually not successful is P=0.77.

Learn more about probability here;

brainly.com/question/11234923

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