Two firms V and W consider bidding on a road-building job, which may or may not be awarded depending on the amounts of the bids.

Aneeka Hunt

Aneeka Hunt

Answered question

2021-09-16

Two firms V and W consider bidding on a road-building job, which may or may not be awarded depending on the amounts of the bids. Firm V submits a bid and the probability is 0.8 that it will get the job provided firm W does not bid. The probability is 0.7 that W will be bid, and if it does, the probability that V will get the job is only 0.4 What is the probability that V will get the job?

Answer & Explanation

Jayden-James Duffy

Jayden-James Duffy

Skilled2021-09-17Added 91 answers

The answer is given below:

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