The editor of a textbook publishing company is trying to

Last updated: 5/22/2023

The editor of a textbook publishing company is trying to decide whether to publish a proposed business statistics textbook Information on previous textbooks published indicate that 20 are huge successes 30 are modest successes 40 break even and 10 are losers However before a publishing decision is made the book will be reviewed In the past 99 of the huge successes received favorable reviews 60 of the moderate successes received favorable reviews 50 of the break even books received favorable reviews and 20 of the losers received favorable review Complete parts a and b a If the proposed textbook receives a favorable review how should the editor revise the probabilities of the various outcomes to take this information into account The probability that if the proposed textbook receives a favorable review the book will be a huge success is 331 Round to three decimal places as needed The probability that if the proposed textbook receives a favorable review the book will be a modest success is 301 Round to three decimal places as needed The probability that if the proposed textbook receives a favorable review the book will break even is 334 Round to three decimal places as needed The probability that if the proposed textbook receives a favorable review the book will be a loser is 0 033 Round to three decimal places as needed b What proportion of textbooks receives favorable reviews The proportion of textbooks that receive a favorable reviews is 59 8 Round to three decimal places as needed