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In a recent survey in a Statistics class,it was determined that only 60% of the students attend class on Fridays.From past data it was noted that 98% of those who went to class on Fridays pass the course,while only 20% of those who did not go to class on Fridays passed the course.
a. What percentage of students is expected to pass the course?
b. Given that a person passes the course, what is the probability that he/she attended classes on Fridays?
Import Substitution
An economic policy aimed at reducing dependency on imported goods by encouraging the domestic production of these goods.
Capital-intensive Production
A production process that requires a higher proportion of capital, such as machinery and equipment, in comparison to labor, to produce goods and services.
School Attendance
The act of being present at an educational institution during scheduled classes or activities, often monitored for legal or policy requirements.
Microfinance
Financial services, including loans, savings, insurance, and training, provided to individuals or small businesses lacking access to traditional banking services.
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