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Two Professors at a Nearby University Want to Co-Author a New

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Two professors at a nearby university want to co-author a new textbook in either economics or statistics. They feel that if they write an economics book they have a 50% chance of placing it with a major publisher where it should ultimately sell about 40,000 copies. If they can't get a major publisher to take it, then they feel they have an 80% chance of placing it with a smaller publisher, with sales of 30,000 copies. On the other hand if they write a statistics book, they feel they have a 40% chance of placing it with a major publisher, and it should result in ultimate sales of about 50,000 copies. If they can't get a major publisher to take it, they feel they have a 50% chance of placing it with a smaller publisher, with ultimate sales of 35,000 copies.
What is the probability that the statistics book would wind up being placed with a smaller publisher?

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Definitions:

Printing Press

A mechanical device invented by Johannes Gutenberg in the 15th century, which allowed for the mass production of printed materials, significantly impacting the spread of knowledge.

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The system and technology of printing and typography that uses movable components to reproduce the elements of a document.

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The expedition led by Christopher Columbus in 1492, which led to European awareness and eventual colonization of the Americas.

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Individuals from Spain who leave their homeland to settle in another country, often for economic, political, or personal reasons.

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