Question: Olive Construction Company is determining whether it should submit a bid for a new shopping centre. In the past, Olives main competitor, Base Construction Company,
Olive Construction Company is determining whether it should submit a bid for a new shopping centre. In the past, Olive’s main competitor, Base Construction Company, has submitted bids 70% of the time. If Base Construction does not bid on a job, the probability that Olive Construction will get the job is 0.50. If Base Construction bids on a job, the probability that Olive Construction will get the job is 0.25.
a. If Olive Construction gets the job, what is the probability that Base Construction did not bid?
b. What is the probability that Olive Construction will get the job?
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