A company is considering producing two new products. Based on past records, management believes that there is 70% chance that the first product will be successful, and a 50% chance that the second product will be successful. As these products are completely different, it may be assumed that the success of one is totally independent of the other.
a. If the two products are introduced to the market, what is the probability that both are failures?
b. What is the probability that first or the second products are failures?
c. What is the probability that neither is a failure?