Suppose random variable X is equally like to be 1, 3, 5; whilerandom variable Y is equally like to be 2, 4, 6. Let Z = X+Y.1) How to simulate the random variable Z in excel?[Select]2) what is the probability of getting Z=11?[Select]3) what is the expected value of Z?[Select]SciTool is now bidding for another contract. From historicaldata, there's a 20% chance that there are no other firmsbidding for the contract. We also know if there are competitors,their bidding prices follow the following distribution.Competitor'sbid price<$1Mbetween between between$1.1M$1.6M$2.1Mandandand$1.4M$1.9M$2.4M0.20.30.15>$2.6Mprobability 0.2Suppose SciTool bids $2.0M. When there is competition, thefirm that has a lower bid price wins. What is the winningprobability of SciTool? [Select]0.15

Solution: According to the guidelines answering the first question since multiple questions are…

Answered: Suppose random variable X is equally…

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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Can the idea of joint random variables apply to more than two variables or is it just strictly like an X and a Y variable? Explain in 1-2 sentences. Thanks in advance!
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Suppose random variable X is equally like to be 1, 3, 5; while random variable Y is equally like to be 2, 4, 6. Let Z = X+Y. 1) How to simulate the random variable Z in excel? [Select] 2) what is the probability of getting Z=11? [Select] 3) what is the expected value of Z? [Select]