You own a company that is in charge of consulting on marketing strategies. You a

Question

You own a company that is in charge of consulting on marketing strategies. You are worried about the economic situation of the country and you ask your engineers to determine the probability of low demand next year (B), high demand (A), and losses in the company due to adverse events such as hurricane, and other unexpected situations (I) The engineers report P (B) = 0.73, P (A) = 0.07, P (I) = 0.09, P (A and I) = 0.02, P (B and I) = 0.04 What is the probability that the incoming year is not high demand or low demand? You own a company that is in charge of consulting on marketing strategies. You are worried about the economic situation of the country and you ask your engineers to determine the probability of low demand next year (B), high demand (A), and losses in the company due to adverse events such as hurricane, and other unexpected situations (I) The engineers report P (B) = 0.73, P (A) = 0.07, P (I) = 0.09, P (A and I) = 0.02, P (B and I) = 0.04 What is the probability that the incoming year is not high demand or low demand?

Explanation / Answer

Here, we are given that:

P(B) = 0.73
P(A) = 0.07
P(I) = 0.09
P(A and I) = 0.02
P(B and I) = 0.04

Now the probability that the incoming year is not high demand or low demand is computed as:

= 1 - P(A) - P(B)

= 1 - 0.07 - 0.73 = 0.2

Therefore 0.2 is the required probability here.

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