A company is considering producing a new children's bar soap. A market research firm has told the company that if they perform a survey, a positive survey of a favorable market occurs 65 percent of the time
That is, P(positive survey ? favorable market) = 0.65. Similarly, 40 percent of the time the survey falsely predicts a favorable market; thus, P(positive survey ? unfavorable market) = 0.40. These statistics indicate the accuracy of the survey. Prior to contacting the market research firm, the company's best estimate of a favorable market was 50 percent. So, P(favorable market) = 0.50 and P(unfavorable market) = 0.50. Using Bayes' theorem, determine the probability of a favorable market given a favorable survey.
A) 0.62
B) 0.38
C) 0.53
D) 0.65
E) None of the above
A
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Which of the following changes has been brought about in advertising because of the influence of social media?
a. The number of ways in which marketers can have direct and meaningful conversations with customers has reduced. b. The focus of social media has unavoidably shifted to manufacturers. c. The interaction between producer and consumer has become less about engaging and more about entertaining. d. The audience is often in control of the message, the medium, the response, or all three.
Acme is exploring two locations for a new plant to supply product for a government contract. They dispatch a team of industrial engineers and cost estimators to the Minneapolis-St
Paul area of Minnesota and to Kennewick-Pasco-Richland area in Washington. After conducting some tests, the teams return with some unusual findings, the Minneapolis-St. Paul workers seem to obey classic learning effect rules; their learning rate is 80% and is based on a doubling of output. They are much slower than their counterparts at the other site; it is estimated that the first batch units they assemble will take them 700 hours. The workforce in the Kennewick-Pasco-Richland area is much faster; their first batch will take only 470 hours. Strangely, these workers also exhibit learning effects, but their learning is based on a tripling of output rather than the traditional doubling and their rate is 78%. How many batches must be made before Minneapolis-St. Paul's time falls below Kennewick-Pasco-Richland's?