How are dot plots, bar graphs, and histograms used to analyze data?
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Answer:
The probability that the product will be successfully launched given that the market test result comes back negative is 0.30.
Step-by-step explanation:
Denote the events provided as follows:
<em>S</em> = a product is successfully launched
<em>P</em> = positive test market result
The information provided is:
P (S) = 0.60
P (P | S) = 0.80
P (P | S') = 0.30
Then,
P (P' | S) = 1 - P (P | S) = 1 - 0.80 = 0.20
P (P' | S') = 1 - P (P | S') = 1 - 0.30 = 0.70
Compute the probability of positive test market result as follows:
The probability of positive test market result is 0.60.
Then the probability of negative test market result is:
P (P') = 1 - P (P)
= 1 - 0.60
= 0.40
Compute the probability that the product will be successfully launched given that the market test result comes back negative as follows:
Thus, the probability that the product will be successfully launched given that the market test result comes back negative is 0.30.