A Desk Lamp Produced by Luminar Was Found to Be

question 31

Short Answer

A desk lamp produced by Luminar was found to be defective. The company has three factories where the lamps are manufactured. The percentage of the total number of desk lamps produced by each factory and the probability that a lamp manufactured by that factory is defective are shown in the accompanying table. What is the probability that the defective lamp was manufactured in factory III? If necessary, round your answer to three decimal places.
The probability is __________.

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Definitions:

Buyers' Value

The maximum amount a purchaser is willing to pay for a good or service, reflecting the perceived utility or satisfaction from the purchase.

Price Comparison

The action of comparing prices of specific goods or services across different sellers or providers, aiming to find the most cost-effective option.

Line Segment

A part of a line that is bounded by two distinct endpoints, and contains every point on the line between its endpoints.

Producer Surplus

The difference between what producers are willing to accept for a good or service and the actual price they receive.