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An engineering firm bids on contracts for the short-term jobs where each job can generate the profit of $100,000 for the firm. Assume the probabilities of getting zero to five such jobs in the certain month are given in table below:

Number of jobs Probability
0 0.05
1 0.15
2 0.20
3 0.25
4 0.20
5 0.15

a) Find out the expected profit throughout the month for firm.

b) Find out the variance of firm's profit for month.

Statistics and Probability, Statistics

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  • Reference No.:- M921493

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