On a given weekend in the fall, a tire company can buy television and advertising time for a college football game, a baseball game, or a professional football game. Ifthe company sponsors the college football game, there is a 70% chance of a high rating, a 40% chance if they sponsor a baseball game, and a 60% chance if theysponsor a professional football game. The probabilities of the company sponsoring these various games are 0.5, 0.2, and 0.3, respectively. Suppose the company doesget a high rating, find the probability that it sponsored a professional football game.The probability is:(Type an integer or a simplified fraction.)

Answered: Image /qna-images/answer/36816bd2-5aae-4121-ba6a-43a6dffb8084.jpg

Answered: On a given weekend in the fall, a tire…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Suppose that Trendy Inc. products a style of a seasonal business suit, Sit-T-Slicker, which has a cost of $500 per unit. The demand during the season for Sit-T-Slicker is generally unknown and could be either: 200, 500, 800, 1100, and 1500 units with equal probabilities. Trendy sells the Sit-T-Slicker suit for $900 per unit during its three-month season, and for $300 per unit when sold after that time. Given the above data, what is the optimal order quantity for the Sit-T-Slicker? What is expected profit? Suppose the probabilities in part a change to 0.05, 0.25, 0.40, 0.25, 0.05 for demand levels 200, 500, 800, 1100, 1500, respectively. What is the optimal order quantity and expected profit in this case? How would better information regarding the demand for the Sit-T-Slicker suit change the data provided in this problem? How would this information affect the answers to part a? Explain.
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