If a price is not marked correctly, what is the probability that the change is a reduction?.
If a price is not marked correctly, what is the probability that the change is a reduction?.
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter9: Counting And Probability
Section9.3: Binomial Probability
Problem 33E: Sick leave probability that a given worker at Dyno Nutrition Will call in sick on a Monday is 004....
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Question
8
In a supermarket, the prices marked on the signs that are placed on the shelf do not always correspond to the current price of the merchandise, since errors may occur when recording price changes. Assume that over time 60% of the price changes are increases and 40% are decreases. Assume also that 93% of the price increases are marked correctly, as are 98% of the reductions. If a price is not marked correctly, what is the probability that the change is a reduction?.
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