Question: A contractor has submitted bids on three state jobs an
A contractor has submitted bids on three state jobs: an office building, a theater, and a parking garage. State rules do not allow a contractor to be offered more than one of these jobs. If this contractor is awarded any of these jobs, the profits earned from these contracts are $10 million from the office building, $5 million from the theater, and $2 million from the parking garage. His profit is zero if he gets no contract. The contractor estimates that the probabilities of getting the office building contract, the theater contract, the parking garage contract, or nothing are .15, .30, .45, and .10, respectively. Let x be the random variable that represents the contractor’s profits in millions of dollars. Write the probability distribution of x. Find the mean and standard deviation of x. Give a brief interpretation of the values of the mean and standard deviation.
Answer to relevant QuestionsAn instant lottery ticket costs $2. Out of a total of 10,000 tickets printed for this lottery, 1000 tickets contain a prize of $5 each, 100 tickets have a prize of $10 each, 5 tickets have a prize of $1000 each, and 1 ticket ...Which of the following are binomial experiments? Explain why. a. Rolling a die many times and observing the number of spots b. Rolling a die many times and observing whether the number obtained is even or odd c. Selecting a ...The most recent data from the Department of Education show that 34.8% of students who submitted otherwise valid applications for a Title IV Pell Grant in 2005–2006 were ineligible to receive such a grant ...Although Microsoft Windows is the primary operating system for desktop and laptop PC computers, Microsoft’s Windows Phone operating system is installed in only 1.6% of smart phones (www. ...Let N = 16, r = 10, and n = 5. Using the hypergeometric probability distribution formula, find a. P(x = 5) b. P(x = 0) c. P(x < 1)
Post your question