1.)Suppose we believe that the probability we will win a certain lawsuit is 30%
ID: 3224919 • Letter: 1
Question
1.)Suppose we believe that the probability we will win a certain lawsuit is 30%, and that the probability that our bid on a certain contract with another company will be accepted is 50%. However, we believe that IF we win the lawsuit, the probability that our bid with that other company is be accepted rises to 70%. Evidently, winning the lawsuit and having that bid accepted are ...
Select one:
exhaustive.
not independent.
mutually exclusive.
independent.
2.)Continuing from the previous question, what is the probability that we will BOTH win the lawsuit AND have our bid accepted? Give your answer as a percent: ____%?
Explanation / Answer
(1) As occurance of one event (winning the lawsuit) affects (increases) the probability of other event (acceptance of bid). Hence the given events are not independent.
2)
Probability that we with the lawsuit and bid will be accepted = 0.3*0.7 = 0.21 i.e. 21%
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