Examlex

Solved

A Market Research Study Is Being Conducted to Determine If

question 85

Essay

A market research study is being conducted to determine if a product modification will be well received by the public. A total of 1,000 consumers are questioned regarding this product.
The table below provides information regarding this sample. A market research study is being conducted to determine if a product modification will be well received by the public. A total of 1,000 consumers are questioned regarding this product. The table below provides information regarding this sample.   (a) What is the probability that a randomly selected male would find this change unfavorable (negative)? (b) What is the probability that a randomly selected person would be a female who had a positive reaction? (c) If it is known that a person had a negative reaction to the study, what is the probability that the person is male? (a) What is the probability that a randomly selected male would find this change unfavorable (negative)?
(b) What is the probability that a randomly selected person would be a female who had a positive reaction?
(c) If it is known that a person had a negative reaction to the study, what is the probability that the person is male?


Definitions:

Certified Check

A check verified by a bank, guaranteeing that the signer has sufficient funds in their account to cover the check's amount at the time of certification.

Stop-payment Order

A request made to a bank instructing it not to process a payment on a check or transaction that has been issued but not yet cashed.

Wrongful Payment

A payment made in error, either due to fraud, administrative error, or mistaken identity, which may require recovery.

Liable

Liable means being legally responsible or obligated to compensate for harm, damages, or loss resulting from one's actions or negligence.

Related Questions