SOLUTION: he Board of Directors of Bidwell Valve Company have made the following estimates for the upcoming year’s annual earnings P(earnings lower than this year) = .30 P(earnings the

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Question 848021: he Board of Directors of Bidwell Valve Company have made the following estimates for the upcoming year’s annual earnings

P(earnings lower than this year) = .30
P(earnings the same as this year) = .50
P(earnings higher than this year) = .20

After talking with union leaders, the personnel department has drawn the following conclusions:
P(union will request wage increase/lower earnings next year) = .25
P(union will request wage increase/same earnings next year) = .40
P(union will request wage increase/higher earnings next year) = .90

Calculate the following probabilities:

The company will earn the same as this year and the union will request a wage increase
The company will have higher earnings next year and the union will not request a wage increase.
The union will request a wage increase regardless of the company’s profit next year.
Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!
 

Hi,

The company will earn the same as this year and the union will request a wage increase 

 The company will have higher earnings next year and the union will not request a wage increase.

 The union will request a wage increase regardless of the company’s profit next year. 

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