A marketing research firm provides you with the followinginformation. Historically, they have correctly predicted a positivemarket 82% of the time and correctly predicted a negative market76% of the time. Without any market survey information, theestimate for a favorable market is 50% and an unfavorable market is50%.
a) What is the probability (in percentage) of afavorable market, given that the market survey predicts a favorablemarket? Answer in integer value.
b) What is the probability (in percentage) of anunfavorable market, given that the market survey predicts anunfavorable market? Answer in integer value.
