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Construction Bids ​

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Construction Bids ​
A construction company has submitted bids on two separate state contracts,A and B.The company feels that it has a 60% chance of winning contract A,and a 50% chance of winning contract B.Furthermore,the company believes that it has an 80% chance of winning contract A if it wins contract B. ​ ​
-{Construction Bids Narrative} If the company wins contract B,what is the probability that it will not win contract A?

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Definitions:

Marginal Cost

The cost of producing one additional unit of a product.

Society's Well-Being

A condition where the general population experiences a high level of health, happiness, and prosperity.

Marginal Benefit

The additional benefit arising from a unit increase in a particular activity.

Total Benefit

The overall satisfaction or economic gain an individual or entity receives from consuming goods or services.

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