Firm x is planning on bidding on a job and often competes against Firm Y, as well as other firms. Historically, Firm Y has bid for the same jobs 80% of the time: thus the probability that Firm Y will bid on this job is 0.80 .
If Firm Y bids on a job, the probability that Firm x will win it is 0.20 .
If Firm Y does not bid on a job, the probability that Firm x will win the bid is 0.50 .
Apply Bayes's rule to find the probability that Firm X will win the bid. If they do, what is the probability that Firm Y did bid on it?
The probability that Firm X wins the bid is:
([Type an integer or a decimal rounded to two decimal places as needed.])
◻ 0.26
◻ 0.4?
◻ 1.00
◻ 0.50