How should the editor revise the probabilities

Reference no: EM13216095

The editor of a textbook 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. Before publishing decision is made that book will be reviewed . 99% is 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 proposal textbook receives favorable reviews, how should the editor revise the probabilities of the various outcomes to take this information into account?

Reference no: EM13216095

Questions Cloud

What is the balance in the retained earnings account : a company reported the following stockholders equity on january 1 of the curent year: common stock $10 par, 1,000,000 shares authorized, 400,000 shares issued $4,000,000. Contributed capital in excess of par, common 1,200,000. Retained earnings 1,6..

What information would we need to test the claim : What information would we need to test the claim that the difference in monthly benefits between the two groups is greater than $30 at the 0.05 level of significance? Write out the hypotheses and explain the testing procedure.

Should gillian and goelzer approve the standard as proposed : Mindful of these considerations, Gillian,Goelzer, and the other board memebers mulled over the options: Should they approve the standard as proposed Should they accommodate the critics Should they find a middle ground If so, what provisions should..

Probability of cases being appealed and reversed : Prepare a report with your rankings of the judges. Also include an analysis of the likelihood of appeal and case reversal in the three courts. At a minimum, your report should include the probability of cases being appealed and reversed in the thre..

How should the editor revise the probabilities : If the proposal textbook receives favorable reviews, how should the editor revise the probabilities of the various outcomes to take this information into account?

Calculate the total incremental cost of buying some units : Santos Company currently manufactures one of its crucial parts at a cost of $3.20 per unit. This cost is based on a normal production rate of 70,000 units per year. Variable costs are $1.70 per unit, fixed costs related to making this part are $70..

State the evolution of information technology and the impact : Research, identify and discuss the evolution of Information Technology and the impact it has had on businesses.

Compute the overhead application rate for total overhead : Earth Company expects to operate at 70% of its productive capacity of 48,000 units per month. At this planned level, the company expects to use 24,000 standard hours of direct labor. Overhead is allocated to products using a predetermined standard..

Explain goal format changed the way you look at the goals : Write summary of how re-writing your goals in S.M.A.R.T. goal format changed the way you look at the goals. Your summary should have between 250-500 words.

User Account

All Pages