Market research firm specializingin political polls

Reference no: EM13960362

Policy Pollsters is a market research firm specializingin political polls. Records indicate in past elections,when a candidate was elected, Policy Pollsters hadaccurately predicted this 80 percent of the time andthey were wrong 20% of the time. Records also showfor losing candidates, Policy Pollsters accurately predictedthey would lose 90 percent of the time and theywere only wrong 10% of the time. Before the poll istaken, there is a 50% chance of winning the election.If Policy Pollsters predicts a candidate will win theelection, what is the probability that the candidate willactually win? If Policy Pollsters predicts that a candidatewill lose the election, what is the probability thatthe candidate will actually lose?

Reference no: EM13960362

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