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Suppose cell phones are available in two basic types: Flashy or Dull. Furthermore, suppose cell phone owners fall into two basic categories: Hipsters or Grannies.

Let .60 be the probability of being a Hipster. Also, 40% of cell phones are both Flashy and owned by Hipsters. Finally, if a cell phone is owned by a Granny, the probability of it being Dull is .98

a) What is the probability that a cell phone is both Dull and owned by a Hipster.

b) If a phone is Flashy, what is the probability it is owned by a Granny?

c) What is the probability that any randomly chosen phone is Dull?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M946531

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