A company plans to launch a new product. They have traditionally had a 60% success rate with the launch of new products. Market research predicts that a positive test market results is 80% of successfully launched products and a positive market result for 30% of failed product launches. a) If a market test result comes back negative, what is the probability that the product will be successfully launched?
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Question 3
A company plans to launch a new product. They have traditionally had a 60% success rate with the launch of new products. Market research predicts that a positive test market results is 80% of successfully launched products and a positive market result for 30% of failed product launches.
a) If a market test result comes back negative, what is the probability that the product will be successfully launched?
QUESTION 5
A short term insurance company receives three motor vehicle claims, on average, per day. Assume that the daily claims follow a Poisson process.
a) What is the probability that more than four but less than eight motor vehicle claims will be received on any given day? (5)
b) What is the probability that more than two motor vehicle claim is received over any given period of three working days? (5)
QUESTION 6
The purchase value of transactions at a grocery store is normally distributed with a mean of N$ 244 and a variance of 4624 (N$ squared).
a) What is the maximum purchase value of transactions for the lowest-spending 33% of grocery store customers? (5)
b) What is the probability that the purchase value of transactions of grocery store customers are between N$ 159.00 and N$ 271.20?
Expert Answer
6) = 244 = 4624 = 68 P(Xx) = 0.33