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767sebmont
20.10.2020 •
Mathematics
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. Each contract will yield a profit of $90,000. Assume that firms I and II are actually owned by the same individual. Find the probability distribution of X, the owner's total profit.
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Ответ:
The owner's total profit is $120,000.
Step-by-step explanation:
Assume that:
X₁ = contract is assigned to firm 1
X₂ = contract is assigned to firm 2
The sample space for assigning the two contracts is:
S = {(I, I), (I, II), (I, III), (II, I), (II, II), (II, III), (III, I), (III, II) and (III, III)}
There are total of 9 possible combinations.
So, the probability of selecting any of the combination is, 1/9.
Compute the probability distribution of X₁ and X₂ as follows:
X₁ P (X₁) X₂ P (X₂)
0 4/9 0 4/9
1 4/9 1 4/9
2 1/9 2 1/9
Compute the expected values of X₁ and X₂ as follows:
It is provided that each contract will yield a profit of $90,000.
Compute the owner's total profit as follows:
Thus, the owner's total profit is $120,000.
Ответ:
9 hours and 10 minutes