Tirm bids on a con nucipates a profit Bf $5 the full project, and it estif profit of $10,000 on a shared project. The company estimates there's a 30% chance it will get the larger contract and a 60% ch it will get the smaller contract; otherwise, it gets nothing. (a) Define a random variable to model the outcome of the bid. (b) What is the expected profit earned on these contracts? Report units with your answer. (c) What is the standard deviation of the profits? (a) Choose the correct answer below. O A. Let the random variable X denote the type of contract. Then p(no contract) = P(X = no contract) = 0.10, p(small contract) = 0.60, p(large contract) = 0.30. B. Let the random variable X denote the earned profits. Then p(0) = P(X = 0) = 0.10, p(10,000) = 0.60, p(50,000) = 0.30. C. Let the random variable X denote the outcome of the bid. Then p(no) = P(X = no) = 0.10, p(yes) = 0.9. D. Let the random variable X denote the earned profits. Then p(0) = P(X= 0) = 0.10, p(10,000) = 0.30, p(50,000) = 0.60. (b) The expected profit is $ 33000
Tirm bids on a con nucipates a profit Bf $5 the full project, and it estif profit of $10,000 on a shared project. The company estimates there's a 30% chance it will get the larger contract and a 60% ch it will get the smaller contract; otherwise, it gets nothing. (a) Define a random variable to model the outcome of the bid. (b) What is the expected profit earned on these contracts? Report units with your answer. (c) What is the standard deviation of the profits? (a) Choose the correct answer below. O A. Let the random variable X denote the type of contract. Then p(no contract) = P(X = no contract) = 0.10, p(small contract) = 0.60, p(large contract) = 0.30. B. Let the random variable X denote the earned profits. Then p(0) = P(X = 0) = 0.10, p(10,000) = 0.60, p(50,000) = 0.30. C. Let the random variable X denote the outcome of the bid. Then p(no) = P(X = no) = 0.10, p(yes) = 0.9. D. Let the random variable X denote the earned profits. Then p(0) = P(X= 0) = 0.10, p(10,000) = 0.30, p(50,000) = 0.60. (b) The expected profit is $ 33000
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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I need help with b and c
Transcribed Image Text:A construction firm bids on a contract. It anticipates a profit of $50,000 if it gets the contract for the full project, and it estimates a
profit of $10,000 on a shared project. The company estimates there's a 30% chance it will get the larger contract and a 60% chance
it will get the smaller contract; otherwise, it gets nothing.
(a) Define a random variable to model the outcome of the bid.
(b) What is the expected profit earned on these contracts? Report units with your answer.
(c) What is the standard deviation of the profits?
(a) Choose the correct answer below.
A. Let the random variable X denote the type of contract. Then p(no contract) = P(X = no contract) = 0.10, p(small
contract) = 0.60, p(large contract) = 0.30.
B. Let the random variable X denote the earned profits. Then p(0) = P(X = 0) = 0.10, p(10,000) = 0.60, p(50,000) = 0.30.
C. Let the random variable X denote the outcome of the bid. Then p(no) = P(X = no) = 0.10, p(yes) = 0.9.
D. Let the random variable X denote the earned profits. Then p(0) =P(X= 0) = 0.10, p(10,000) = 0.30, p(50,000) = 0.60.
(b) The expected profit is $ 33000
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