Steve Takes Either a Bus or the Subway to Go

question 94

Essay

Steve takes either a bus or the subway to go to work, with probabilities 0.25 and 0.75, respectively. When he takes the bus, he is late 40% of the time. When he takes the subway, he is late 30% of the time. If Steve is late for work on a particular day, what is the probability that he took the bus?

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Definitions:

Total Product

The total quantity of output produced by a firm or economy as a result of its production process.

Marginal Product

The additional output that is produced by adding one more unit of a factor, such as labor or capital.

Bushels

A measure of volume that is used for quantities of grain, fruit, or other produce.

Variable Input

Variable input refers to a production factor that can be adjusted in the short term to increase or decrease production output.