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Two sets of candidates are competing for...

Two sets of candidates are competing for the position on the board of directors of a company. The probabilities that the first and second sets will win are 0.6 and 0.4 respectively. If the first set wins, the probability of introducing a new product is 0.8 and the corresponding probability if the second set wins is 0.3. What is the probability that the new product will be introduced ?

A

0.8

B

0.7

C

0.6

D

0.3

Text Solution

AI Generated Solution

The correct Answer is:
To solve the problem, we need to find the probability that a new product will be introduced based on the winning probabilities of two sets of candidates and their respective probabilities of introducing the product. ### Step-by-Step Solution: 1. **Identify the Given Probabilities:** - Probability that the first set wins, \( P(A) = 0.6 \) - Probability that the second set wins, \( P(B) = 0.4 \) - Probability of introducing a new product if the first set wins, \( P(P|A) = 0.8 \) - Probability of introducing a new product if the second set wins, \( P(P|B) = 0.3 \) 2. **Use the Law of Total Probability:** The total probability of the new product being introduced can be calculated using the law of total probability: \[ P(P) = P(P|A) \cdot P(A) + P(P|B) \cdot P(B) \] 3. **Substitute the Values:** Substitute the known probabilities into the equation: \[ P(P) = (0.8 \cdot 0.6) + (0.3 \cdot 0.4) \] 4. **Calculate Each Term:** - Calculate \( 0.8 \cdot 0.6 \): \[ 0.8 \cdot 0.6 = 0.48 \] - Calculate \( 0.3 \cdot 0.4 \): \[ 0.3 \cdot 0.4 = 0.12 \] 5. **Add the Results:** Now, add the two results together: \[ P(P) = 0.48 + 0.12 = 0.60 \] 6. **Final Result:** Therefore, the probability that the new product will be introduced is: \[ P(P) = 0.60 \] ### Final Answer: The probability that the new product will be introduced is **0.60**.
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DISHA PUBLICATION-PROBABILITY -2-EXERCISE - 1 : CONCEPT BUILDER
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