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A Melbourne real estate agent lists two houses for lease in the same street, one built of brick and the other of timber. The agent estimates that the probability of being leased within one week is 0.72 for the brick and 0.69 for the timber house, and the probability of both being leased within one week is 0.5. If the timber house is leased within one week, what is the probability that the brick house is also leased within one week? Give your answer correct to three decimal places.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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