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A marketing research firm provides you with the following information. Historically, they have correctly predicted a...

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Advance Math

A marketing research firm provides you with the followinginformation. Historically, they have correctly predicted a positivemarket 82% of the time and correctly predicted a negative market76% of the time. Without any market survey information, theestimate for a favorable market is 50% and an unfavorable market is50%.

a)  What is the probability (in percentage) of afavorable market, given that the market survey predicts a favorablemarket? Answer in integer value.

b)  What is the probability (in percentage) of anunfavorable market, given that the market survey predicts anunfavorable market?  Answer in integer value.

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