THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 269

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
A recent survey examined the working arrangements of married households.It was found that 88% of the households had at least one working member.In 20% of the households with the woman not working,the man also does not work.In 40% of households in which the man doesn't work,the woman also does not work.
-What is the probability that the woman does work?

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Definitions:

Minimize Costs

Minimizing costs involves strategies and actions taken to reduce expenses and improve efficiency in operations, aiming to increase profitability.

Expected Value

The projected value of a variable, calculated as an average weighted by probabilities in statistical analysis.

Expected Monetary Value

A statistical technique to calculate the average outcome when the future includes scenarios that may or may not happen.

State of Nature Node

A decision analysis tool used to represent possible future events or outcomes in decision making under uncertainty.