What is the probability it was from manufacturer

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Q1. Historically, 60 % of the batteries are from manufacturer 1 also 90% of these batteries last for over 40 hours. Only 75% of the batteries from manufacturer 2 last for over 40 hours. A battery in a critical tool fails at 32 hours. Illustrate what is the probability it was from manufacturer 2?

Q2. Evaluate also Explicate the subsequent statements:

a) "The market system is a profit-also-loss system."

b) "Competition is the disciplinarian of the market system."

Reference no: EM1313690

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