A firm plans to bid Dollar 300 per kg. for acontract to supply 1,000 kg. of a metal. It hastwo competitors A and B and it assumes thatthe probability that A will bid less than Dollar.300 per kg. is 0.3 and that B will bid less thanDollar 300 per kg. is 0.7. If the lowest biddergets all the business and the firms bidindependently, what is the expected value ofthe contract to the firm?

Answered: Image /qna-images/answer/8903a25b-0458-4bf9-97e6-471b3a58cba0.jpg

Answered: A firm plans to bid Dollar 300 per kg.…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

Under current economic circumstances, a stockbroker estimates that a client would invest in tax-free bonds (A) with a chance of 0.6 and in mutual funds (B) with a probability of 0.3. He has a 0.15 chance of investing in both tax-free and mutual funds. Determine the probability that the consumer will not invest in any of the two options at this moment.
solve with steps Three different machines A1, A2, A3 were used for the producing a large batch of similar manufactured items. Suppose that 10% of items are produced by machine A1, 20% by A2 and 40% by A3. Suppose further that 1%of the items produced by A1, 2% by A2 and 3% by A3 machine are defective. Suppose one item is selected from the entire batch and it is found to be defective. Calculate the probability that this item was produced bymachine A2
From observations of the weather, it is known that on October 20 the probability of rain is 0.85. A certain forecast method for October 20 is correct 0.9 times if rain is predicted and 0.75 times if no rain is predicted. How much information does a real weather forecast provide 20 th of October?
The probability of afternoon rain given morning cloud cover >50% is of interest to those forecasting the weather. You can calculate this probability using Bayes' Theorem (below). The probability of morning cloud cover in general is 30% in the area you are concerned with and when there's afternoon rain, morning cloud cover of the kind described above occurs 90% of the time. The probability of rain in general for the area is about 26% of days. From the above information, identify what P(BIA) would be. Express your answer as a proportion, rounded to two decimal places. P(A/B)= = P(B|A)*P(A) P(B)
A local jam production company is confident that 60% of the population will like its new grapefruit jelly. If 200 persons taste the new grapefruit jelly, determine the number of persons who are expected to like it. From a random sample of 10 persons who tasted the new grapefruit jelly, calculate the probability that less than two will like it.
Sarah and Thomas are going bowling. The probability that Sarah scores more than 175 is 0.5 , and the probability that Thomas scores more than 175 is 0.1 . Their scores are independent. Round your answers to four decimal places, if necessary. (a) Find the probability that both score more than 175 . (b) Given that Thomas scores more than 175 , the probability that Sarah scores higher than Thomas is 0.4 . Find the probability that Thomas scores more than 175 and Sarah scores higher than Thomas.
A farmer only grows apple and orange trees in his orchard. 40% of his trees are apple trees. He is concerned that a parasite may be infecting his trees. The probability of the parasite infecting a given apple tree is 5% and the probability of the parasite infecting a given orange tree is 3%. Please give your answers to 3 decimal places, for example 0.305. a) What proportion of his trees are infected by the parasite? Your answer is 1 b) If a given tree is not infected, what is the probability that this tree was an apple tree? Your answer is
From observations of the weather, it is known that on October 20 the probability of rain is 0.25. A certain forecast method for October 20 is correct 0.9 times if rain is predicted and 0.75 times if no rain is predicted. How much information does a real weather forecast provide 20 th of October?
A doctor is seeking an anti-depressant for a newly diagnosed patient. Suppose that, of the available anti-depressant drugs, the probability that any particular drug will be effective for a particular patient is p = 0.32. What is the probability that the patient will need toa. take 4 different drugs until the effective one is found. b. take 5 different drugs until the effective one is found. c. take 7 different drugs until the effective one is found.
Q1. Some couples planning a new family would prefer at least one child of each sex. The probability that a couple’s first child is a boy is 0.512. In the absence of technological intervention, the probability that their second child is a boy is independent of the sex of their first child, and so remains 0.512. Imagine that you are helping a new couple with their planning. If the couple plans to have only two children: What is the probability that at least one girl is born?

Recommended textbooks for you

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

Elementary Statistics: Picturing the World (7th E…

Statistics

ISBN:

9780134683416

Author:

Ron Larson, Betsy Farber

Publisher:

PEARSON

The Basic Practice of Statistics

Statistics

ISBN:

9781319042578

Author:

David S. Moore, William I. Notz, Michael A. Fligner

Publisher:

W. H. Freeman

Introduction to the Practice of Statistics

Statistics

ISBN:

9781319013387

Author:

David S. Moore, George P. McCabe, Bruce A. Craig

Publisher:

W. H. Freeman

SEE MORE TEXTBOOKS