Examlex
Use Bayes' theorem to find the indicated probability.
-A company manufacturing electronic components for home entertainment systems buys electrical connectors from three suppliers. It buys 24% of the connectors from supplier A, 36% from supplier B, and 40% from supplier C.
It finds that 2% of the connectors from supplier A are defective, 4% of the connectors from supplier B are defective, and 5% of the connectors from supplier C are defective.
If a customer buys one of these components and finds that the connector is defective, what is the probability that it came from supplier B?
Permanent Replacement Workers
Employees hired on a permanent basis to substitute for workers who are on strike, ensuring continued operations.
Purchasing Power
The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy.
Unemployment
The total number of people over 16 who are ready, willing, and able to work, who have been unsuccessfully seeking employment.
Closed Shop Agreement
A labor agreement requiring employees to be members of a specific union as a condition of being hired and to remain in the union for the duration of their employment.
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