(Answered) Assume that the car lot contains 35 percent lincolns 35

Economics

Assume that the car lot contains 35 percent Lincolns, 35 percent Jaguars, and 30 percent BMWs. Of the Lincolns, 90 percent have navigation systems, 60 percent of the Jaguars have navigation systems, and 40 percent of the BMWs have navigation systems. Furthermore, 70 percent of the Lincolns, 50 percent of the Jaguars, and 90 percent of the BMWs are silver. The property of being silver is independent from having a navigation system. You are assigned a car at random.

If the car has a navigation system and is silver, what is the probability that it is a Lincoln?

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M93123437
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Business Economics

Sheridan county hospital is a hospital the total costs of

Sheridan County Hospital is a hospital. The total costs of the hospital depends on the number of patient days (one patient staying for one day is one patient day) delivered by the hospital that month. The table below giv ...

The time spent in days waiting for a heart transplant can

The time spent (in days) waiting for a heart transplant can be approximated by a normal distribution. Day range of 60-200. u=129 o=20.2. (a) What is the shortest number of days spent that would put a patient in the top 3 ...

A light bulb manufacturer guarantees that the mean life of

A light bulb manufacturer guarantees that the mean life of a certain type of light bulb is at least 720 hours. A random sample of 51 light bulbs as a mean of 710.3 hours with a standard deviation of 62 hours. At an α=0.0 ...

In an inquiry into the nature and causes of the wealth of

In an inquiry into the nature and causes of the wealth of nations, Adam Smith listed three reasons for productivity to increase with specialization. What are these three reasons?

Whats wrong with this way of thinking economists claim that

What's wrong with this way of thinking? "Economists claim that when the price of something goes up, producers increase the quantity supplied to the market. But last year, the price of oranges was really high and the supp ...

Without doing any math or drawing a graph which is bigger

Without doing any math, or drawing a graph, which is bigger, compensating variation or equivalent variation for a tax? Consider an individual with Cobb-Douglas preferences over some good and all other goods. In what sens ...

Explain why the purchase and sale of used goods and of

Explain why the purchase and sale of used goods and of financial assets are not included in the calculation of GDP even though transactions in these items amount to billions of dollars daily.

A cell phone company offers 15 different voice packages and

A cell phone company offers 15 different voice packages and 15 different data packages. Of those, 6 packages include both voice and data. How many ways are there to choose either voice or data, but not both?

I need some help trying to understand this statistics

I need some help trying to understand this Statistics question For a normal distribution, identify the z -score location that would separate the distribution into two sections, as determined by the following percentages ...

Why should we take selection and participation bias into

Why should we take selection and participation bias into account when analyzing data

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert