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Question
The Board of Directors of Bidwell Valve Company has made the following estimates for the upcoming year's annual earnings:P(earnings lower than this year) = .30
P(earnings about the same as this year) = .50
P(earnings higher than this year) = .20
After talking with union leaders, the human resource department has drawn the following conclusions:
P(Union will request wage increase | lower earnings next year) = .25
P(Union will request wage increase | same earnings next year) = .40
P(Union will request wage increase | higher earnings next year) = .90
a. Calculate the probability that the company earns the same as this year and the union requests a wage increase.
b. Calculate the probability that the company has higher earnings next year and the union does not request a wage increase.
c. Calculate the probability that the union requests a wage increase.
Answer
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