(Answered) Marketing firm specializes in assessments of local

Economics

Marketing firm specializes in assessments of local restaurants and have been asked to rate local restaurants. The restaurants are rated as good, fair, or poor. From the firm's rating system, 72% of the restaurants were rated good, 20% of the time rated poor, and the remainder were rated fair. Of those rated good, 80% made a profit in the 1^st year, 65% of those rated fair made a profit in the 1^st year and 45% of those rated poor made a profit in the 1^st year.

a. What is the overall probability that a restaurant made a profit in the first year?

b. What is the likelihood that a randomly selected restaurant that made a profit in the first year that was rated poor by the marketing firm?

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Business Economics, Economics

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