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There are three companies that produce a critical electronic navigation component (ENC) used in the aerospace industry.These companies are Alice Manufacturing, Byte International, and Cognizant Technologies.Alice makes 85% of the ENCs, Byte makes 10%, and Cognizant makes the remaining 5%.The ENCs made by Alice have a 2.5% rate of defects, the ones made by Byte have a 4.0% rate of defects, and the ones made by Cognizant have a 6% rate of defects.If an ENC is randomly selected from the general population of ENCs, the probability that it was made by Alice is _______.If this ENC is later tested and found to be defective, the probability that it was made by Alice is _______.
GDP
The Gross Domestic Product encompasses the entire monetary or market-based valuation of all finished outputs and services engendered within a country's boundaries over a fixed time period.
GDP Deflator
The GDP deflator is an economic metric that converts output measured at current prices into constant-dollar GDP, reflecting changes in the price level of all domestically produced goods and services in an economy.
Real GDP
The measure of a country's economic output adjusted for price changes and inflation, providing a more accurate reflection of an economy's size.
Per Capita GDP
The average economic output per person, calculated by dividing the country's Gross Domestic Product by its total population.
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