Explain how should the editor revise the probabilities

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Reference no: EM1352804

The editor of a textbook publishing company is trying to decide whether to publish a proposed business statistics textbook. Information on previous textbooks published indicates that 10% are huge successes, 20% are modest successes, 40% break even, and 30% are losers. However, before a publishing decision is made, the book will be reviewed. In the past, 99% of the huge successes received favorable reviews, 70% of the moderate successes received favorable reviews, 40% of the break-even books received favorable reviews, and 20% of the losers received favorable reviews.

a. If the proposed textbook receives a favorable review, explain how should the editor revise the probabilities of the various outcomes to take this information into account?

b. What proportion of textbooks receives favorable reviews?

Reference no: EM1352804

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