How should the editor revise the probabilities

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Reference no: EM13216095

The editor of a textbook company is trying to decide whether to publish a proposed business statistics textbook. Information on previous textbooks published indicates that 10% are huge successes, 20% are modest successes, 40% break even, and 30% are losers. Before publishing decision is made that book will be reviewed . 99% is huge successes received favorable reviews, 70% of the moderate successes received favorable reviews, 40% of the break-even books received favorable reviews, and 20% of the losers received favorable reviews.

a) If the proposal textbook receives favorable reviews, how should the editor revise the probabilities of the various outcomes to take this information into account?

Reference no: EM13216095


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