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Some of the managers at a company have an MBA degree. Of managers at the level of director or higher, 60% have an MBA. Among other managers of lower rank, 35% have an MBA. For this company, 15% of managers have a position at the level of director or higher. If you meet an MBA from this firm, what are the chances that this person is a director (or higher)? A company is considering producing a new childrens bar of soap. A market research firm has told the company that if they perform a survey the successful production of a favourable market occurs 65% of the time. That is,P(positive survey!favourable market) = 0.65. Similarly, 40% of the time the survey falsely predicts a favourable market; thus P(positive surveylunfavourable market) 0.40. These statistics indicate the accuracy of the survey. Prior to contacting the market research firm, the companys best estimate of a favourable market was 50%. Determine the probability of a favourable market given a favourable survey

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