Suppose 70% of all companies are classified as small companies and the rest as large companies. Suppose further, 82% of large companies provide training to employees, but only 18% of small companies provide training. A company is randomly selected without knowing if it is a large or small company; however, it is determined that the company provides training to employees.
What are the prior probabilities that the company is a large company or a small company? (Round the answers to 2 decimal place.)
What are the revised probabilities that the company is large or small? (Round your answers to 4 decimal places.)
Based on your analysis, what is the overall percentage of companies that offer training? (Round your answer to 1 decimal place.)