Aconstruction firm bids on a contract. it anticipates a profit of $50 comma 000 if it gets the contract for the full project, and it estimates a profit of $10 comma 000 on a shared project. the company estimates there's a 20% chance it will get the larger contract and a 75% chance it will get the smaller contract; otherwise, it gets nothing. (a) define a random variable to model the outcome of the bid. (b) what is the expected profit earned on these contracts? report units with your answer. (c) what is the standard deviation of the profits? (a) choose the correct answer below. a. let the random variable x denote the type of contract. then p(no contract)equalsp(xequalsno contract)equals0.05, p(small contract)equals0.75, p(large contract)equals0.20. b. let the random variable x denote the earned profits. then p(0)equalsp(xequals0)equals0.05, p(10 comma 000)equals0.20, p(50 comma 000)equals0.75. c. let the random variable x denote the outcome of the bid. then p(no)equalsp(xequalsno)equals0.05, p(yes)equals1.0. d. let the random variable x denote the earned profits. then p(0)equalsp(xequals0)equals0.05, p(10 comma 000)equals0.75, p(50 comma 000)equals0.20. your answer is correct. (b) the expected profit is $ 17000.