A building advisor bids on jobs where he can make $3000 profit per job. History shows...
A building advisor bids on jobs where he can make $3000 profit per job. History shows the probability is 0.4 for getting 3 such jobs in a given month. Find the expected value of the advisor’s profit for the month.
Homework Answers
Profit per job is $3000
For 3 jobs the total profit is 3× $3000 = $9000
Now probability of earning this profit is p= 0.4
Then expected profit of the month is
= profit × probability of the profit
= $9000 × 0.4
= $3600
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