Suppose there are two full bowls of cookies. Bowl #1 has 13 chocolate chip and 22...
Suppose there are two full bowls of cookies. Bowl #1 has 13 chocolate chip and 22 plain cookies, while bowl #2 has 29 of each. Our friend Fred picks a bowl at random, and then picks a cookie at random. The cookie turns out to be a plain one. What is the probability that Fred picked Bowl #1?
Homework Answers
Bayes' Theorem: P(A | B) = P(A & B) / P(B)
P(Bowl #1 | Plain cookie) = P(Bowl #1 and plain cookie) / P(plain cookie)
= P(Bowl #1 and plain cookie)/[P(Bowl #1 and plain cookie) + P(Bowl #2 and plain cookie)]
= (0.5 x 22/35) / (0.5 x 22/35 + 0.5 x 29/58)
= 0.5570
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qq
is
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A bakery works out a demand function for its chocolate chip cookies
and finds it to be
q equals Upper D left parenthesis x
right parenthesis equals 567 minus 22 xq=D(x)=567−22x,
where
qq
is
the quantity of cookies sold when the price percookie, in
cents,
is
xx.
Use
this information to answer parts
a)
through
f).
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