Question: Your company bids for two contracts. You believe the probability that you get contract #1 is 0.8. If you get contract #1, the probability that

Your company bids for two contracts. You believe the probability that you get contract #1 is 0.8. If you get contract #1, the probability that you also get contract #2 will be 0.2, and if you do not get contract #1, the probability that you get contract #2 will be 0.3.

a) Are the outcomes of the two contract bids independent? Explain.

b) Find the probability you get both contracts.

c) Find the probability you get neither contract.

d) Let X be the number of contracts you get. Find the probability model for X.

e) Find the expected value and standard deviation of X.

Step by Step Solution

★★★★★

3.38 Rating (167 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a The contracts are not independent The probabilit... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

452-M-S-P (1803).docx

120 KBs Word File

Students Have Also Explored These Related Statistics Questions!

Your company bids for two contracts. You believe the probability you get contract #1 is 0.8. If you get contract #1, the probability you also get contract #2 will be 0.2, and if you do not get #1,...

Suppose the probability that you get an A in any class you take is .3, and the probability that you get a B is .7. To construct a GPA, an A is worth 4.0, and a B is worth 3.0. What is the expected...

Answer in C++ and only edit the searcher h Implement the Searcher class's BinarySearch() template function in the Searcher.h file. Access Searcher.h by clicking on the orange arrow next to main.cpp...

Contracts. Your company bids for two contracts. You believe the probability that you get contract #1 is 0.8. If you get contract #1, the probability that you also get contract #2 will be 0.2, and if...

Your company bids for two contracts. You believe the probability that you get contract #1 is 0.4. If you get contract #1, the probability you also get contract #2 will be 0.2, and if you do not get...

=+28. Contracts. Your company bids for two contracts. You believe the probability that you get contract #1 is 0.8. If you get contract #1, the probability that you also get contract #2 will be 0.2,...

A commuter must pass through 5 traffic lights on her way to work and will have to stop at each one that is red. She estimates the probability model for the number of red lights she hits, as shown...

A tire manufacturer believes that the tread life of its snow tires can be described by a Normal model with a mean of 30,000 miles and a standard deviation of 2300 miles. a. Approximately what...

Contracts Your company bids for two contracts. You believe the probability that you will get contract 1 is 0.8. If you get contract 1, the probability that you will also get contract 2 will be 0.2....

Jensen Tire had two large shipments in transit at December 31. One was a $125,000 inbound shipment of merchandise (shipped December 28, F.O.B. shipping point), which arrived at Jensens receiving dock...

What is the meaning of least squares in a regression model?

A firm has sales of $ 1 , 2 2 0 , net income of $ 2 2 6 , net fixed assets of $ 5 4 4 , and current assets of $ 3 0 0 . The firm has $ 1 0 1 in inventory. What is the common - size balance sheet...

Mr. Wolf calls you with what he says is a tremendous opportunity in the stock market. He has inside knowledge about a pharmaceuti- cal company and he says that the price will go up tomorrow. Of...

In problem 12.10, you were asked to develop the equation of a regression model to predict the number of business bankruptcies by the number of firm births. Using this regression model and the data...

The equation of a regression line is y = 50.506 1.646x And the data are as follows. Solve for the residuals and graph a residual plot. Do these data seem to violate any of the assumptions...

Wisconsin is an important milk-producing state. Some people might argue that because of transportation costs, the cost of milk increases with the distance of markets from Wisconsin. Suppose the milk...

Can someone help me solve this? You are considering on investment in 30-year bonds issued by Moore Corporation. The bonds have no special covenants. The Wall Street Joumal reports that 1-year T-bills...

1) You have started your first job today, and you want to buy a house within 3 years. You are currently saving for the down payment. You plan to save $5,000 the first year. You also anticipate that...

---Can you please help me on 8c and all parts of number 9? I have A and B on number 8. Thank you! 8. (9 points possible) Suppose your company needs to raise $10 million to construct a new office...