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Software A small software company bids on two contracts. It anticipates a profit of

Stats Modeling the World | 4th Edition | ISBN: 9780321854018 | Authors: David E. Bock, Paul F. Velleman, Richard D. De Veaux ISBN: 9780321854018 481

Solution for problem 11 Chapter 15

Stats Modeling the World | 4th Edition

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Stats Modeling the World | 4th Edition | ISBN: 9780321854018 | Authors: David E. Bock, Paul F. Velleman, Richard D. De Veaux

Stats Modeling the World | 4th Edition

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Problem 11

Software A small software company bids on two contracts. It anticipates a profit of $60,000 if it gets the larger contract and a profit of $20,000 on the smaller contract. The company estimates theres a 30% chance it will get the larger contract and a 60% chance it will get the smaller contract. Assuming the contracts will be awarded independently, whats the expected profit?

Step-by-Step Solution:
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Chapter 4 Probability Probability is a way to assign numerical measurement to chance, 3 ways to do this  Theoretical “classical”- computed through mathematical definitions  Empirical- frequency proportion of the time that events of the same type will occur in the long run  Subjective- assigned estimate of chance considering data, experience and personal belief In classical all possible outcomes are equally likely  Very bad, very unlikely only works for cards and dice Probability experiment- chance process that’ll lead to 1 out of 2 or more defined results Trial- a process of observation or measurement Outcome- result of a trial Sample space

Step 2 of 3

Chapter 15, Problem 11 is Solved
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Textbook: Stats Modeling the World
Edition: 4
Author: David E. Bock, Paul F. Velleman, Richard D. De Veaux
ISBN: 9780321854018

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Software A small software company bids on two contracts. It anticipates a profit of