Mathematics, 26.08.2019 04:50 jj1077348
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 10% are huge successes, 20% are modest successes, 40% break even and 30% are losers. however, before a publishing decision is made, the book will be reviewed. in the past, 99% of the huge successes received favorable reviews, 70% of the moderate successes received favorable reviews, 40% of the break even books received favorable reviews, and 20% of the losers received favorable reviews.
i if the proposed textbook receives a favorable review, how should the editor revise the probabilities of the various outcomes to take this information into account?
ii what proportion of textbooks receives favorable reviews?
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