A company is considering producing new product. Based upon past records, management thinks that there is a 70 percent chance that the new product will be successful, and 30 percent chance it will not be successful.
Market research might be employed to revise these probabilities. In the past, given the product was successful, 90 percent of time the market research was used. But, of the products that were not successful, 20 percent of time market research was used.
What is the probability that the product isn't successful and the market research was not employed?
0.63
0.2258
0.24
0.913