In a City, 60% of the Residents Live in Houses

question 68

Short Answer

In a city, 60% of the residents live in houses and 40% of the residents live in apartments. Of the people who live in houses, 20% own their own business. Of the people who live in apartments, 10% own their own business. If a person owns his or her own business, find the probability that he or she lives in a house.

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Definitions:

Liability of Foreignness

The challenges and costs associated with operating in a market outside of a company's home country, including cultural differences and unfamiliar regulatory environments.

Import Tariffs

Taxes imposed by a government on goods and services imported into a country, used to control trade and protect domestic industries.

Global Demand

The total demand for a product or service across all countries and regions around the world.

Liability of Foreignness

This concept describes the challenges and additional costs that companies face when entering and operating in foreign markets, as opposed to their home countries.