Random Variables
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Your company bids for two contracts. You believe the probability that you get contract #1 is 0.8. If you get contract #1, the probability that you also get contract #2 is 0.2, and if you do not get contract #1 the probability that you get contract #2 will be 0.3.
a. Are the outcomes of the two contract bids independent?
b. Find the probability that you get both contracts.
c. Find the probability that you get neither contract.
d. Let X be the number of contracts you get. Find the probability model for X.
e. Find the expected value and standard deviation of X.
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Solution Summary
The expert determines if outcomes of the two contract bids are independent.
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a) The outcomes are not independent since the outcome of contract 1 affects the probability of Contract 2.
b) The probability of both = Probability of 1 * The probability of 2|1 (i.e. the probability of 2 given 1)
= 80% * 20%
= ...
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- MBA, Merage School of Business, Univ of Cal, Irvine
- BA, Univ of Cal, Irvine
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