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Choose the correct option.
In a bid two firms A and B competing against each other.If the probability of bid amount quoted by B being lower than that of A is 0.8 and if it is known that the bid is won by the ones who quotes the lowest price,what is the probability that A wins the bid?
A0.8
B0.004
C0.2
D0.001
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The ans is 0.2,
because, the question tells that the probability of bid quoted by B is less than A is 0.8
also,state that the least bid amount wins the bid and given the 0.8 as a probability for B,The question is the probability for A to win the bid ---> 1-0.8
----> 0.2(ans)
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