Mathematics, 30.05.2020 00:04 s900005
A construction company is planning to bid on a building contract. The bid costs the company $1400. The probability that the bid is accepted is 1/4. If the bid is accepted, the company will make $17,600 minus the cost of the bid.
What is the expected value in this situation?
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A construction company is planning to bid on a building contract. The bid costs the company $1400. T...
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