Mark martinko has been a class a racquetball payer for the, Ask an Expert

Economics

Mark Martinko has been a class A racquetball payer for the last 5-years, and one of his biggest goals is to own and operate a racquetball facility. Unfortunately, Market thinks that the change of a successful racquetball facility is only 30%. Mark's lawyer has recommended that he employ one of the local marketing research groups to conduct a survey concerning the success or failure of a racquetball facility. There is a 0.8 probability that the research will be favorable given a successful racquetball facility. In addition, there is a 0.7 probability that the research will be unfavorable given an unsuccessful facility. Compute revised probabilities of a successful racquetball facility given a favorable and given an unfavorable survey.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9293684

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