Revise the initial probabilities based on favorable reviews

Reference no: EM13197274

Publishers report that 10% of new texts are huge successes, 20% are modest successes, 40% break even and 30% are losers. However publishers can have texts reviewed before they publish them. They report that 80% of huge successes received favorable reviews, 70% of moderate successes received favorable reviews, 40% of the breakeven texts received favorable review and 20% of the loser texts received favorable reviews. Revise the initial probabilities based on favorable reviews using Bayes Theorem.

Reference no: EM13197274

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