Business, 21.02.2020 05:14 avery4428

A consumer products company found that 48% of successful products also received favorable results from test market research, whereas 12% had unfavorable results but nevertheless were successful. They also found that 28% of unsuccessful products and unfavorable research results, whereas 12% of them had favorable research results. That is P(successful product and favorable test market)=0.48, P(successful product and unfavorable test market) = 0.12, P(unsuccessful product and favorable test market) = 0.12, and P(unsuccessful product and unfavorable test market)=0.28. First find the marginal probability of market results and then calculate the probabilities of successful and unsuccessful products given known test market results.

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