A firm plans to bid Rs. 300 per tonne for a contract to supply 1000 tonnesof metal. It has two competitors, A and B. and it assumes the probability that Awill bid less than Rs. 300 per tonne js 03. and that B will bid less than Rs. 300per tonne is 0.7. If the lowest biddes gets all the business and the firms bidindependently, what is the expected value of the contract to the firm ?

Answered: Image /qna-images/answer/9e69e315-30bc-4504-9ffc-2550c633456a.jpg

Answered: A firm plans to bid Rs. 300 per tonne…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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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?
A bag contains 2 red balls worth £3, 2 blue balls worth £2 and 5 green balls worth £0. You pick 1 ball out of the bag (without replacement). What the expected value of earnings from playing this game once (3 decimal places).
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.
The mosquitos are out in your back yard, and they bite you at random times. Each bite happens independently of the last bite. The average time between bites is 2.501 minutes. What is the probability that it takes longer than 1 minutes for them to first bite you?
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?

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