The plan for a new housing development call for the construction of a large number of residential homes. A marketing expert tells the owner that because of the poor location of development, 20 of the houses which are sold will be sold at a loss. A financial consultant asserts 10% of the houses will be sold at a loss. The building contractor states that only 5%of the houses will be sold at a loss. 

a. If the owner feels that the market consultant is 5 times as reliable as the building contractor and the financial consultant is 4 times as reliable as the building contractor, what prior probabilities should the owner assign to this Percentages?

b. If 8 houses are actually built and sold, and 2 of the houses are sold at a loss, what prosterior probabilities should the owner assign to the 3 Percentages?