THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 202

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
A company wishes to evaluate the effectiveness of a marketing campaign.Seventy five percent of all potential professors were reached in a focused advertising program.Twenty eight percent of those contacted adopted the book while 8% of the adoptions came from professors who did not receive the promotional material.Define the following events of interest:
A₁ = Professor received advertising material
A₂ = Professor did not receive advertising material
B₁ = Professor adopts the book
B₂ = Professor does not adopt the book
-What is the probability that a professor who received advertising material does not adopt the book?

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Definitions:

Economic Rents

Earnings exceeding the minimum amount necessary to keep a factor of production in its current use, often associated with imperfect competition or unique resources.

Land Ownership

The legal right to possess, use, and manage a piece of land.

Compound Interest

The accumulation of money that builds over time in an investment or interest-bearing account as new interest is earned on previous interest that is not withdrawn.

Savings Account

A deposit in a commercial bank or thrift institution on which interest payments are received; generally used for saving rather than daily transactions; a component of the M2 money supply.