Homework Help is Here – Start Your Trial Now!
Math
Probability
There is a small chance that a game release turns into a blockbuster and exceeds all profit expectations. UG believes that the probability of a game turning into a blockbuster is related to pre-release marketing events like major expositions at gaming conferences. These marketing events are very costly though, so they want to better understand how an event affects the probility of a blockbuster occurring. Suppose that each event results in either a ‘success’ (the game is a blockbuster) or a ‘failure’ (the game has typical profitability). Historically, UG figures that for any given event there is a 15% chance they will be successful and have a blockbuster. UG has 6 marketing events planned for this year for different games, and they would like to explore some probabilities surrounding these events to help them manage this process and forecast future profits. Occasionally the events will be noticed and written about by the national media in a major national newspaper, substantially boosting exposure for the game. Based on historical evidence, the national media does a major story in 40% of successful events and on only 20% of unsuccessful events. What are the chances that an event will be successful, given that the national media writes a story in a major newspaper.

There is a small chance that a game release turns into a blockbuster and exceeds all profit expectations. UG believes that the probability of a game turning into a blockbuster is related to pre-release marketing events like major expositions at gaming conferences. These marketing events are very costly though, so they want to better understand how an event affects the probility of a blockbuster occurring. Suppose that each event results in either a ‘success’ (the game is a blockbuster) or a ‘failure’ (the game has typical profitability). Historically, UG figures that for any given event there is a 15% chance they will be successful and have a blockbuster. UG has 6 marketing events planned for this year for different games, and they would like to explore some probabilities surrounding these events to help them manage this process and forecast future profits. Occasionally the events will be noticed and written about by the national media in a major national newspaper, substantially boosting exposure for the game. Based on historical evidence, the national media does a major story in 40% of successful events and on only 20% of unsuccessful events. What are the chances that an event will be successful, given that the national media writes a story in a major newspaper.

College Algebra
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 2E: If a binomial experiment has probability p success, then the probability of failure is...
See similar textbooks
icon
Related questions
Question
There is a small chance that a game release turns into a blockbuster and exceeds all profit expectations. UG believes that the probability of a game turning into a blockbuster is related to pre-release marketing events like major expositions at gaming conferences. These marketing events are
very costly though, so they want to better understand how an event affects the probility of a blockbuster occurring. Suppose that each event results in either a ‘success’ (the game is a blockbuster) or a ‘failure’ (the game has typical profitability). Historically, UG figures that for any given event there is a 15% chance they will be successful and have a blockbuster. UG has 6
marketing events planned for this year for different games, and they would like to explore some probabilities surrounding these events to help them manage this process and forecast future profits. Occasionally the events will be noticed and written about by the national media in a major national newspaper, substantially boosting exposure for the game. Based on historical evidence, the national media does a major story in 40% of successful events and on only 20% of unsuccessful events. What are the chances that an event will be successful, given that the national media writes a story in a major newspaper.
 
(Looking for assistance on the bolded question)

 

 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer