Two groups are competing for the position on the Board of Directors of a corporation. The probabilities that the first and the second groups will win are 0.6 and 0.4 respectively. Further, if the first group wins, the probability of introducing a new product is 0.7 and the corresponding probability is 0.3, if the second group wins. Find the probability that the new product was introduced by the second group.
Formula: -
Bayes theorem as follows:
Given: -
Let E1 be the event of the first group.
P(E1) = 0.6
Let E2 be the event of the second group.
P(E2) = 0.4
the Bayes theorem as follows:
Let A be the event when a new product is market.
P (A|E1) = 0.7
P (A|E2) = 0.3
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