The Olive Construction Co. is determining whether it shouldsubmit a bid for the

Question

The Olive Construction Co. is determining whether it shouldsubmit a bid for the construction of a new shopping center. In the past, Olive's main competitor, Base Construction Co., hassubmitted bids 70% of the time. If Base does not submit a bidon the job, the probability that Olive will get the job is.50. If Base does bid, the probability that that Olive willget the job is .25. a) If Olive gets the job, what is the probabilitythat Base did not bid? b) What is the probability that Olive will getthe job? The Olive Construction Co. is determining whether it shouldsubmit a bid for the construction of a new shopping center. In the past, Olive's main competitor, Base Construction Co., hassubmitted bids 70% of the time. If Base does not submit a bidon the job, the probability that Olive will get the job is.50. If Base does bid, the probability that that Olive willget the job is .25. a) If Olive gets the job, what is the probabilitythat Base did not bid? b) What is the probability that Olive will getthe job?

Explanation / Answer

The Olive Construction Co. is determining whether itshould submit a bid for the construction of a new shoppingcenter. In the past, Olive's main competitor, BaseConstruction Co., has submitted bids 70% of the time. If Basedoes not submit a bid on the job, the probability that Olive willget the job is .50. If Base does bid, the probability thatthat Olive will get the job is .25. a) If Olive gets the job, what is theprobability that Base did not bid?

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