Compute revised probabilities of a successful racquetball facility given a favorable and given an… 1 answer below »

Mark Martinko has been a class A racquetball player for the past five years, and one of his biggest goals is to own and operate a racquetball facility. Unfortunately, Mark’s thinks that the chance of a successful racquetball facility is only 30%. Mark’s lawyer has recommended that he employ one of the local marketing research groups to conduct a survey concerning the success or failure of a racquetball facility. There is a 0.8 probability that the research will be favorable given a successful racquetball facility. In addition, there is a 0.7 probability that the research will be unfavorable given an unsuccessful facility. Compute revised probabilities of a successful racquetball facility given a favorable and given an unfavorable survey.