The marketing manager of a toy manufacturing_rm is planning to introduce a new toy into the...

 

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The marketing manager of a toy manufacturing_rm is planning to introduce a new toy into the market. In the past, 40% of the toys introduced by the company have been successful and 60% have not been successful. Before the toy is actually marketed, market research is conducted and a report, either favorable or unfavorable, is compiled. In the past, 80% of the successful toys received favorable reports and 30% of the unsuccessful toys also received favorable reports. a. What proportion of the new toys receive favorable market research reports? b. Suppose that market research gives a favorable report on a new toy. What is the probability that the new toy will be successful? The marketing manager of a toy manufacturing_rm is planning to introduce a new toy into the market. In the past, 40% of the toys introduced by the company have been successful and 60% have not been successful. Before the toy is actually marketed, market research is conducted and a report, either favorable or unfavorable, is compiled. In the past, 80% of the successful toys received favorable reports and 30% of the unsuccessful toys also received favorable reports. a. What proportion of the new toys receive favorable market research reports? b. Suppose that market research gives a favorable report on a new toy. What is the probability that the new toy will be successful?

Answer rating: 100% (QA)

A 40 04 successful 8008 favorable 2002 not favorable 60... View the full answer