Determine the variance of firms profit for the, Ask an Expert

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Q1) Engineering firm bids on contracts for short-term jobs where each job can make profit of $100,000 for firm. Assume the probabilities of getting zero to five such jobs in certain month are given in the 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) Determine the expected profit during month for a firm.

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

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M9169800

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