A small software company will bid on a major contract. It anticipates a profit of $50,000 if

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A small software company will bid on a major contract. It anticipates a profit of $50,000 if it gets it, but thinks there is only a 30% chance of that happening.
a) What’s the expected profit?
b) Find the standard deviation for the profit.

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Business Statistics

ISBN: 9780321925831

3rd Edition

Authors: Norean Sharpe, Richard Veaux, Paul Velleman

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Question Posted: May 14, 2015 06:52 AM

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A small software company will bid on a major contract. It anticipates a profit of $50,000 if

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a Expected profit 030 5000...View the full answer

Business Statistics

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