You believe that there is about a 04 probability that

Assignment Help Basic Statistics

Reference no: EM13603341

You work for a pharmaceutical firm planning to introduce a new over-the-counter drug on the market. In your analysis, you consider the possibility that one or both of two close competitors, companies A and B, will enter the market with similar drugs. You believe that there is about a 0.4 probability that company A will enter and a 0.3 probability that company B will release a product. You also believe that there is a 0.1 probability that both A and B will enter the market.

a) What is the probability that company A or B will enter the market?

b) Find the probability that company A will enter the market, given that company B enters the market.

c) Suppose you don't know the chance that companies A and B will enter the market but you do know that, if A enters, B will with probability 1/4. Find P(A or B) if possible.

Reference no: EM13603341

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