SOLUTION: A market research group specializes in providing assessments of the prospects of sites for new children toy stores in shopping centers. The group assesses prospects as good, fair,

Question 308614: A market research group specializes in providing assessments of the prospects of sites for new children toy stores in shopping centers. The group assesses prospects as good, fair, or poor. The records of assessments made by this group were examined, and it was found that, for all stores that had annual sales over $1,000,000, the assessments were good for 70%, fair for 20%, and poor for 10%. For all stores that turned out to be unsuccessful, the assessments were good for 20%, fair for 30%, and poor for 50%. For a randomly chosen store, what is the probability that prospects will be assessed as good?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A market research group specializes in providing assessments of the prospects of sites for new children toy stores in shopping centers. The group assesses prospects as good, fair, or poor. The records of assessments made by this group were examined, and it was found that,
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for all stores that had annual sales over $1,000,000,
the assessments were good for 70%, fair for 20%, and poor for 10%.
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For all stores that turned out to be unsuccessful, the assessments were good for 20%, fair for 30%, and poor for 50%.
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For a randomly chosen store, what is the probability that prospects will be assessed as good?
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P(good) = 90/200 = 0.45
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Cheers,
Stan H.
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