Records of a Company Show That 20% of the Employees

question 83

Short Answer

Records of a company show that 20% of the employees have only a high school diploma; 70% have bachelor degrees; and 10% have graduate degrees. Of those with only a high school diploma, 10% hold management positions; whereas, of those having bachelor degrees, 40% hold management positions. Finally, 80% of the employees who have graduate degrees hold management positions.
a.What percentage of employees holds management positions?
b.Given that a person holds a management position, what is the probability that she/he has a graduate degree?

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Definitions:

Capital Market

The capital market is a financial market where long-term debt or equity-backed securities are bought and sold, providing businesses and governments with a platform to raise funds for long-term investments.

Marginal Productivity

The additional output that is produced by utilizing one more unit of a variable input, holding all other inputs constant.

Marginal Product

The additional output produced by employing one more unit of a particular input, holding other inputs constant.

Rental Price

The cost associated with leasing or renting an asset, property, or service.