A construction company submits bids for two projects. Listed here are the profit and the probability of

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A construction company submits bids for two projects. Listed here are the profit and the probability of winning each project.

Assume that the outcomes of the two bids are independent.
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(a) List the possible outcomes (winot win)
for the two projects and find their probabilities.

(b) Let X denote the company’s total profit out of the two contracts. Determine the probability distribution of X.

(c) If it costs the company $2000 for preparatory surveys and paperwork for the two bids, what is the expected net profit?

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Statistics Principles And Methods

ISBN: 9780470409275

6th Edition

Authors: Richard A. Johnson

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Question Posted: Sep 19, 2024 03:01 PM

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A construction company submits bids for two projects. Listed here are the profit and the probability of

Question:

Project A Project B Profit Chance of Winning Bid $ 75,000 .50 $120,000 .65

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Statistics Principles And Methods

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