Before a marketing research study was done, John Colorado believed there was a 50/50 chance that his music store would be a success
The research team determined that there is a 0.9 probability that the marketing research will be favorable given a successful music store. There is also a 0.8 probability that the marketing research will be unfavorable given an unsuccessful music store.
(a) If the marketing research is favorable, what is the revised probability of a successful music store?
(b) If the marketing research is unfavorable, what is the revised probability of a successful music store?
(a) 0.82
(b) 0.11
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