question archive A national survey of small-business owners was conducted to determine the challenges for growth for their businesses
A national survey of small-business owners was conducted to determine the challenges for growth for their businesses
Subject:MathPrice:2.87 Bought7
A national survey of small-business owners was conducted to determine the challenges for growth for their businesses. The top challenge, selected by 46% of the small-business owners, was the economy. A close second was finding qualified workers (37%). Suppose 12% of the small-business owners selected both the economy and finding qualified workers as challenges for growth. A small-business owner is randomly selected.
a. What is the probability that the owner believes the economy is a challenge for growth if the owner believes that finding qualified workers is a challenge for growth?
b. What is the probability that the owner believes that finding qualified workers is a challenge for growth if the owner believes that the economy is a challenge for growth?
c. Given that the owner does not select the economy as a challenge for growth, what is the probability that the owner believes that finding qualified workers is a challenge for growth?
d. What is the probability that the owner believes neither that the economy is a challenge for growth nor that finding qualified workers is a challenge for growth?
Purchase A New Answer
Custom new solution created by our subject matter experts
GET A QUOTE
Answer Preview
Answer:
P(Economy) = 0.46
P(Qualified workers) = 0.37
P(economy and qualified workers) = 0.12
A) P(economy| qualified workers) = 0.12/0.37 = 0.3243
B) P(qualified workers | economy) = 0.12/0.46 = 0.2609
C) P( qualified workers | not economy)
= (0.37-0.12)/(1-0.46)
= 0.4630
D) P(neither economy nor qualified workers)
= 1 - (0.46+0.37-0.12)
= 0.29
