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. Please answer step by step. Do all calculation . And also mention all data.
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
Please answer step by step. Do all calculation . And also mention all data.
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