Draw a probability tree for situation

Reference no: EM131804076

Based on analysis of data from last year, you have found that 40% of the people who came to your store had not been there before. While some just came to browse, 30% of people who came to your store actually bought something. However, of the people who had not been there before, only 20% bought something. You are thinking about these percentages as probabilities representing what will happen each time a person comes to your store.

a. What kind of probability numbers are these, in terms of where they come from?

b. Draw a probability tree for this situation.

c. Find the probability that a person coming to your store will have been there before and will make a purchase.

d. What is the probability that a customer had been there before given that the customer did not purchase anything during his or her visit?

Reference no: EM131804076

Questions Cloud

Employees are staff scientists : Suppose 35.0% of employees are staff scientists, 26.0% are senior employees, and 9.1% are both. Are "staff scientist" and "senior employee" independent events?

What approaches will be effective in leading the merger : What leadership approaches will be effective in leading merger? Include 3 approaches, and explain in what circumstances the approaches should be used and why.

What would be the tone of the message : Give an example of a situation or scenario for which you would write a neutral or positive message. What key points need to be covered in the message?

Probability of reading industrial chemistry : Find the conditional probability of reading Industrial Chemistry given that they have bought your products.

Draw a probability tree for situation : a. What kind of probability numbers are these, in terms of where they come from? b. Draw a probability tree for this situation.

Compute dobbs total standard cost per unit : Direct materials: Each unit of product contains 4.5 pounds of materials. Compute Dobbs's total standard cost per unit

What is potential payoff and risks associated with efforts : Give examples of corporate wiki use, as well as examples where firms used wikis to engage their customers or partners.

Marketing is basically advertising and promotion : Many new marketing students think, “Marketing is basically advertising and promotion.”

Requests for information account : Your telephone operators receive many different types of calls. Requests for information account for 75% of all calls, while 15% of calls result in an actual.

User Account

All Pages