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Hello! I'm having trouble with this practice question and was hoping someone could possible help walk me through it? A oonsulting rm submitted a bid
Hello! I'm having trouble with this practice question and was hoping someone could possible help walk me through it?
A oonsulting rm submitted a bid for a large research project. The nn's management initially felt they had a 5050 chance of getting the project. However, the agency to which the bid was submitted subsequently requested additional infom'lation on the bid. Past experience indicates that for 30% of the sucoessful bids and 40% of the unsuccessful bids the agencyr requested additional information. (a) What is the prior probability ofihe bid being successful (that is, prior to the request for additional information)? |:| (b) What is the conditional probability of a request for additional infom'lation given that \"dwe bid will ultimately be suocemful? |:| (c) Compute the posterior probability that the bid will be successful given a request for additional information. (Round your answer to two decimal places.) |:|Step by Step Solution
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