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The editor of a textbook publishing company is trying to decide whether to publish a proposed business statistics textbook. Information on previous textbooks published indicates that 20% are successes, 50% are break even, and 30% are loser. However, before a publishing decision is made, the book will be reviewed. In the past, 70% of the successes received favorable reviews, 50% of the break even books received favorable reviews, and 30% of the losers received favorable reviews.

(1) If the proposed textbook receives a favorable review, what is the probability that it will be a success?

(2) What proportion of textbook receives favorable reviews?

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Financial Management, Finance

Category:- Financial Management
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