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

Daniaal Sanchez

Daniaal Sanchez

Answered question

2021-09-22

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 If V gets the job, what is the probability that W did not bid?

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Corben Pittman

Corben Pittman

Skilled2021-09-23Added 83 answers

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