Two construction contracts are to be randomly assigned to one or more of three firms: I, II, and III. Any firm may receive both contracts. If each contract will yield a profit of $102,000 for the firm, find the expected profit for firm I.If firms I and II are actually owned by the same individual, what is the owner's expected total profit?

Answered: Image /qna-images/answer/baf29481-3ef1-48ef-89bf-847fde861841.jpg

Answered: Two construction contracts are to be…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

See similar textbooks

Similar questions

The Harriet Hotel in downtown Boston has 100 rooms that rent for $150 per night. It costs the hotel $30 per room in variable costs (cleaning, bathroom items, etc.) each night a room is occupied. For each reservation accepted, there is a 5% chance that the guest will not arrive. If the hotel overbooks, it costs $200 to compensate guests whose reservations cannot be honored. How many reservations should the hotel accept if it wants to maximize the average daily profit?
If a = 1, b 1 = 10, b 2 = 10, X 1 = 2, and X 2 = 3, what would the predicted Y score be?
f. A drapper is required to supply two types of shirts type A and type B. The total number of shirts must not be more than 400. He has to supply more of type A than type B. However, the number of type A must not be more than 300 and the number of type B shirts must not be less than 80. Let x be the number of type A shirts and y be the number of type B shirts. If the profits were as follows: Type A Ksh 600 per shirt Type B Ksh 400 per shirt. Formulate a Linear Optimization Model, hence use the graphical method to determine the number of shirts of each type that should be made to maximize the profit.
Create a decision three that would help the best decision for the company.
A medical study is conducted to determine which migraine treatment, A or B, provides faster relief. The study uses 10 volunteers who claim to suffer from migraines. Half of the volunteers are randomly assigned to use treatment A when they experience their first migraine. The other half are assigned to use treatment B. Then, after no treatment for one month, the treatments are reversed. The volunteers each record the amount of time it takes, in minutes, to experience relief from their migraine under each treatment. The data are displayed in the table. A 3-column table with 10 rows. Column 1 is labeled volunteer with entries 1, 2, 3, 4, 5, 6, 7, 8, 9, 10. Column 2 is labeled Treatment A with entries 10, 13, 13, 9, 13, 12, 14, 10, 8, 7. Column 3 is labeled Treatment B with entries 19, 18, 19, 15, 20, 16, 16, 16, 13, 17. A 99% confidence interval for the mean difference (A – B) in the time it takes to experience relief is –8.37 minutes to 0.732 minutes. Based on the confidence interval,…
A forest consists of two types of trees; young (between 0 and 3 m tall) and adults (more than 3 m). Each year, 20% of young trees die, 10% sell for $20 each, 30% remain between 0 and 3 m, and 40% grow taller than 3 m. Each year, 40% of adult trees sell for $50, 20% sell for $20, 30% remain in the forest, and 10% die. What percentage of the trees planted sell for $50?
A gambler can roll a fair die up to four times. Before each roll, he must decide whether to roll one more time orstop the game and collect: his payoff is a doubled amount of the last score (e.g., if the last score is 3, he can collect$6). Each roll costs $3. Find the optimal roll/stop strategy that maximizes his expected gain.
Three friends are trying to predict who will make more money at work tomorrow. John works construction: he will make $250 tomorrow unless it rains, in which case he will make $0. Sara works in a restaurant: she will earn $100 if it is sunny, $200 if it is rainy, and $250 if the weather is average. Chris works in a warehouse, and he earns a flat rate of $200 per day, regardless of weather conditions. Suppose there is a 20% chance that tomorrow will be sunny, and 50% chance that the weather will be average, and a 30% chance of rain. Determine tomorrow’s expected earnings for each of these 3 friends. Compute the standard deviation for Sara’s earnings. Handwrite the solution
Three competing brands of cerial are being sold in the school cafeteria. Brand z's weekly sales are affected by the sales of the other two proucts. For each $1 increase in brand æ's sales, there is a decrease $0.80 in sales of brand z. Similarly, each $1 increase in brand y's sales, there is a increase $0.10 in sales of brand z. If the current sales for brand z, y, and z are $45.00, $69.00, and $76.00 respectively, write an equation for z's sales in terms of a and y.
You randomly recruit 23 students and tell each of them to come to the lab in two different mornings: each morning they will be offered some breakfast and will take a test. Each student will receive the light breakfast one time and the nutritious breakfast the other time (some will receive the light breakfast first, the others will receive the nutritious breakfast first, and the second time they switch). The average difference in a student’s score after eating the nutritious breakfast and their score after eating a light breakfast is 4.5, and the standard deviation of this difference is 3.6. (a) Construct a 95% confidence interval for the difference in the average score of students after having a nutritious breakfast and the average score of students after having a light breakfast.

Recommended textbooks for you

A First Course in Probability (10th Edition)

Probability

ISBN:

9780134753119

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability

Probability

ISBN:

9780321794772

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability (10th Edition)

Probability

ISBN:

9780134753119

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability

Probability

ISBN:

9780321794772

Author:

Sheldon Ross

Publisher:

PEARSON

SEE MORE TEXTBOOKS