Question: Arthur Andersen Enterprise Group/National Small Business United, Washington, conducted a national survey of small-business owners to determine the challenges for growth for their businesses. The top challenge, selected by 46% of the smallbusiness owners, was the economy. A close second was finding qualified workers (37%). Suppose 15% of the small-business owners selected both the economy and finding qualified workers as challenges for growth. A small-business owner is randomly selected.
a. What is the probability that the owner believes the economy is a challenge for growth if the owner believes that finding qualified workers is a challenge for growth?
b. What is the probability that the owner believes that finding qualified workers is a challenge for growth if the owner believes that the economy is a challenge for growth?
c. Given that the owner does not select the economy as a challenge for growth, what is the probability that the owner believes that finding qualified workers is a challenge for growth?
d. What is the probability that the owner believes neither that the economy is a challenge for growth nor that finding qualified workers is a challenge for growth?