A market research firm conducts studies regarding the success of new products. the company is not always perfect in predicting success. suppose that there is a 50% chance that any new product would be successful (and a 50% chance that it would fail). in the past, for all new products that ultimately were successful, 80% were predicted to be successful (and the other 20% were inaccurately predicted to be failures). also, for all new products that were ultimately failures, 70% were predicted to be failures (and the other 30% were inaccurately predicted to be successes)

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03-10-2022
Mathematics

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A market research firm conducts studies regarding the success of new products. the company is not always perfect in predicting success. suppose that there is a 50% chance that any new product would be successful (and a 50% chance that it would fail). in the past, for all new products that ultimately were successful, 80% were predicted to be successful (and the other 20% were inaccurately predicted to be failures). also, for all new products that were ultimately failures, 70% were predicted to be failures (and the other 30% were inaccurately predicted to be successes)

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