Exercise 11. A firm launching a new product uses the success rates of previous related...
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Accounting
Exercise 11. A firm launching a new product uses the success rates of previous related product launches to estimate that the probability of sales will be Poor (S1) = 0.25 and Good (S2) = 0.75. However, it is concerned that its product may be more low tech (L) than previous launches. It hires a market research company who suggest that 40% of poor sales and 20% of good sales were for low tech products (L). Use Bayes theorem to calculate
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