Use Bayes's Rule to Find the Indicated Probability

question 66

Multiple Choice

Use Bayes's rule to find the indicated probability.
-34% of the workers at Motor Works are female, while 61% of the workers at City Bank are female. If one of these companies is selected at random (assume a 50-50 chance for each) , and then a worker Is selected at random, what is the probability that the worker is female, given that the worker Comes from City Bank?

• A)0.17
• B)0.207
• C)0.305
• D)0.34

Evaluate the effectiveness and implications of cartels and other forms of market collusion.

Understand the role of oligopolies in shaping market behavior and structure through strategic decision-making.

Understand the defining characteristics of oligopolies and their economic implications.

Recognize the concepts of game theory and how it applies to oligopolistic competition.

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Definitions:

Manipulate to Obtain

A strategic action of influencing or controlling someone or something to achieve a desired outcome.

Fixed-Ratio Schedule

In operant conditioning, a reinforcement schedule that reinforces a response only after a specified number of responses.

Specified Time

A clearly defined or identified moment or period on a timeline.

Unpredictable Time

Moments or durations that cannot be anticipated or forecasted with certainty.