Our original information was that the probability of Average Sales was

ffortunyu

ffortunyu

Answered question

2021-11-14

Our original information was that the probability of Average Sales was .6. We collected the following new information about what happened to sales when there was an improving or not improving economy. Answer the below question.
Calculate the probability for low Sales and the improving economy (also called Joint Probability)?
Improving EconomyNot improving economyGiven average sales0.7Given low sales0.51
Answer format: Number: Round to: 2 decimal places.

Answer & Explanation

Oung1985

Oung1985

Beginner2021-11-15Added 16 answers

Step 1
The probability of Average sales is 0.6
Probability of low sales is 0.4
P(Improving economy | low sales)=10.51=0.49
Step 2
Therefore the probability that improving economy and low sales is given by:
P(Improving economylow sales)=0.49×0.4
=0.196
Hence the probability of improving economy and low sales is 0.196 rounded to 0.20.

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