(Solved) : Part Probability 1 New Marketing Campaign Runs Advertisements Newspapers Existing Product Q29623489 . . .
Part A – Probability 1) A new marketing campaign runs advertisements in newspapers for an existing product that currently (that is, before the campaign) has 5% of the market. Based on newspaper circulation figures and previous survey information, the marketing company states that the probability that an arbitrary person sees the ads is 0.6. During the newspaper ads campaign, the buyers of the product were asked if they’d seen the ads-75% replied that they had. Assume that for those who did not see the ads, the probability of buying the product is still 0.05. a) State each event. b) Write out the probabilities for this scenario using the probability notation taught in class (no tree diagrams!) c) Show that the probability that a person who saw the ads buys the product is 0.1 2) The lifetime in years of a certain type of electronic component has a probability density function given by 3×2 fx)2 , x > 1 2×4 a) Show that the median lifetime is 1 year. b) Find the expected lifetime. c) Find the probability that the component will last longer than its expected lifetime. Show transcribed image text
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Answer to Part Probability 1 New Marketing Campaign Runs Advertisements Newspapers Existing Product Q29623489 . . .
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