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The management of a company that sells ice cream believes that the weather conditions significantly affect the level of demand. 48 monthly sales...
The management of a company that sells ice cream believes that the weather conditions significantly affect the level of demand. 48 monthly sales reports are randomly selected. These monthly sales reports showed 15 months with high demand, 28 months with medium demand, and 5 months with low demand. 12 of the 15 months with high demand had favourable weather conditions. 14 of the 28 months with medium demand had favourable weather conditions. Only 2 of the 5 months with low demand had favourable weather conditions.
a) What is the probability that a randomly selected month has favourable weather conditions?
b) The management believes that the weather conditions significantly impact the level of demand and the estimated probabilities of poor weather conditions given different levels of demand is presented below. P(Poor|High) = 0.2, P(Poor|Medium) = 0.5, P(Poor|Low) = 0.6
What is the probability of high demand given that the weather conditions are poor?
