A firm recently submitted a bid for a turnkey project for a 500 MW power plant. If its main competitor submits a bid, the chances...

      

A firm recently submitted a bid for a turnkey project for a 500 MW power plant. If its main competitor submits a bid, the chances of bid being awarded to the firm is 0.3. If the main competitor doesn't bid, there is a
3/4 chance of the firm getting the contract. There is a 0.50 chance that the main competitor will bid.
i) What is the probability of the firm‟s getting the contract?
ii) What is the probability that the competitor‟s bid given that the firm's bid is awarded?

  

Answers


Mutiso
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Mutiso answered the question on December 7, 2018 at 08:47


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