Stats: Modeling the World Nasta Edition Grades 9-12
3rd Edition
ISBN: 9780131359581
Author: David E. Bock, Paul F. Velleman, Richard D. De Veaux
Publisher: PEARSON
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Question
Chapter 16, Problem 7E
To determine
To find: the expected profit.
Expert Solution & Answer
Answer to Problem 7E
$27000
Explanation of Solution
Formula used:
Calculation:
Only one of the two bids would be won or it is chance that it gets both the bids. Getting on bid is independent of getting another bid.
suppose X is profit
the probability model is
X | P (X = x) |
0 | (1-0.3) (1-0.6) = 0.28 |
$20,000 | (1-0.3) (0.6) = 0.42 |
$50,000 | 0.3(1-0.6) =0.12 |
$70,000 | (0.6) (0.3) = 0.18 |
The expected profit is
Expected profit is $27,000
Chapter 16 Solutions
Stats: Modeling the World Nasta Edition Grades 9-12
Ch. 16 - Prob. 1ECh. 16 - Prob. 2ECh. 16 - Prob. 3ECh. 16 - Prob. 4ECh. 16 - Prob. 5ECh. 16 - Prob. 6ECh. 16 - Prob. 7ECh. 16 - Prob. 8ECh. 16 - Prob. 9ECh. 16 - Prob. 10E
Ch. 16 - Prob. 11ECh. 16 - Prob. 12ECh. 16 - Prob. 13ECh. 16 - Prob. 14ECh. 16 - Prob. 15ECh. 16 - Prob. 16ECh. 16 - Prob. 17ECh. 16 - Prob. 18ECh. 16 - Prob. 19ECh. 16 - Prob. 20ECh. 16 - Prob. 21ECh. 16 - Prob. 22ECh. 16 - Prob. 23ECh. 16 - Prob. 24ECh. 16 - Prob. 25ECh. 16 - Prob. 26ECh. 16 - Prob. 27ECh. 16 - Prob. 28ECh. 16 - Prob. 29ECh. 16 - Prob. 30ECh. 16 - Prob. 31ECh. 16 - Prob. 32ECh. 16 - Prob. 33ECh. 16 - Prob. 34ECh. 16 - Prob. 35ECh. 16 - Prob. 36ECh. 16 - Prob. 37ECh. 16 - Prob. 38ECh. 16 - Prob. 39ECh. 16 - Prob. 40ECh. 16 - Prob. 41ECh. 16 - Prob. 42ECh. 16 - Prob. 43ECh. 16 - Prob. 44ECh. 16 - Prob. 45ECh. 16 - Prob. 46E
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