An advertising agency notices that approximately 1 in 50 potential buyers of a product sees a...
An advertising agency notices that approximately 1 in 50 potential buyers of a product sees a given magazine ad, and 1 in 8 sees a corresponding ad on television. One in 100 sees both. One in 5 actually purchases the product after seeing the ad, 1 in 10 without seeing it. What is the probability that a randomly selected potential customer will purchase the product? (Round your answer to four decimal places.)
Homework Answers
Case 1: After seeing the ad AND purchasing:
(1/50 + 1/8 - 1/100) X 1/5
= (0.02 + 0.125 + 0.01) X 0.2
= 0.155 X 0.2
= 0.031
Case 2: Not seeing ad AND purchasing:
(1- 0.155) X 1/10
= 0.845 X 0.1
= 0.0845
So,
The probability that a randomly selected potential customer will purchase the product = 0.031 + 0.0845 = 0.1155
So,
Answer is:
0.1155
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