Two firms (V) and (W) consider bidding on a roadbuilding job, which may or may not be
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Two firms \(V\) and \(W\) consider bidding on a roadbuilding 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 bid, and if it does, the probability that \(V\) will get the job is only 0.4.
(a) What is the probability that \(V\) will get the job?
(b) If \(V\) gets the job, what is the probability that \(W \operatorname{did}\) not bid?
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Related Book For
Probability And Statistics For Engineers
ISBN: 9780134435688
9th Global Edition
Authors: Richard Johnson, Irwin Miller, John Freund
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