According to a recent report, 40% of new businesses in 2 businesses started by w

Question

According to a recent report, 40% of new businesses in 2 businesses started by women had revenues of parts (a) and (b) below 01 3 were started by women and 60% of new businesses in 2013were started by men. In 2013, 30% of new 0 and above, whereas 31% of new businesses started by men had revenues o S50 000 and above. Complete rk SSO a. If a new business started in 2013 is selected at random and the new business had revenues of $50,000 and above, what is the probability that the new business was an started by a woman? ok 0.392 (Round to three decimal places as needed.) b. If a new business started in 2013 is selected at random, what is the probability that the new business had revenues of $50,000 and above? (Round to three decimal places as needed.)

Explanation / Answer

Answer:

Total Business started by women= 0.4,

Probability of business started by women having revenue more than $50000 or above= 30% of 40% of total new business= 0.3*0.4= 0.12 i.e. 12% (answer a)

Total Business started by men = 0.6

Business started by men having revenues more than $50000= 31% of 60% of new business= 0.31*0.6= 0.186 i.e. 18.6 %

Therefore, probability of new business having revenues more than $50000= 0.12+0.186= 0.306 i.e. 30.6% (answer b)

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