Concept:
Probability - Independent Events and Odds.
Step 1: Determine the probability of each critic favoring the book.
The odds in favor of an event are given as $a:b$, meaning the probability of the event occurring is $P = \frac{a}{a+b}$.
For the first critic (let's call it event A), the odds are 2:5. So, $P(A) = \frac{2}{2+5} = \frac{2}{7}$, and the probability of not favoring is $P(A') = 1 - \frac{2}{7} = \frac{5}{7}$.
Step 2: Calculate the probabilities for the second and third critics.
For the second critic (event B), the odds are 3:4. Thus, $P(B) = \frac{3}{3+4} = \frac{3}{7}$, and $P(B') = \frac{4}{7}$.
For the third critic (event C), the odds are 4:3. Thus, $P(C) = \frac{4}{4+3} = \frac{4}{7}$, and $P(C') = \frac{3}{7}$.
Step 3: Define the condition for the "majority".
A "majority" out of three critics means that at least two critics are in favor of the book. This can happen in four distinct ways:
1) A and B are in favor, C is not ($A \cap B \cap C'$).
2) A and C are in favor, B is not ($A \cap B' \cap C$).
3) B and C are in favor, A is not ($A' \cap B \cap C$).
4) All three are in favor ($A \cap B \cap C$).
Step 4: Calculate the probability of each individual case.
Since the critics' reviews are independent, we multiply their individual probabilities:
$P(A \cap B \cap C') = P(A) \cdot P(B) \cdot P(C') = \left(\frac{2}{7}\right) \left(\frac{3}{7}\right) \left(\frac{3}{7}\right) = \frac{18}{343}$.
$P(A \cap B' \cap C) = P(A) \cdot P(B') \cdot P(C) = \left(\frac{2}{7}\right) \left(\frac{4}{7}\right) \left(\frac{4}{7}\right) = \frac{32}{343}$.
$P(A' \cap B \cap C) = P(A') \cdot P(B) \cdot P(C) = \left(\frac{5}{7}\right) \left(\frac{3}{7}\right) \left(\frac{4}{7}\right) = \frac{60}{343}$.
$P(A \cap B \cap C) = P(A) \cdot P(B) \cdot P(C) = \left(\frac{2}{7}\right) \left(\frac{3}{7}\right) \left(\frac{4}{7}\right) = \frac{24}{343}$.
Step 5: Sum the probabilities to find the final result.
Add the probabilities of all four mutually exclusive cases:
Total Probability = $\frac{18}{343} + \frac{32}{343} + \frac{60}{343} + \frac{24}{343} = \frac{18 + 32 + 60 + 24}{343} = \frac{134}{343}$.
$$
\therefore \text{The probability that the majority is in favour is } \frac{134}{343}.
$$