A construction company is planning to bid on a building contract. The bid costs the company $1500. The probability that the bid is accepted is If the bid is accepted, the company will make $17,500 minus the cost of the bid a. What is the expected value in this situation? S (Round to the nearest dollar.) b. Choose the statement below that best describes what this value means O A. In the long run, the construction company would expect to break even on average. O B. In the long run, the construction company would expect to earn this amount on average per bid. O C. In the long run, the construction company would expect to lose this amount on average per bid. O D. None of the above

A construction company is planning to bid on a building contract. The bid costs the company $1500. The probability that the bid is accepted is If the bid is accepted, the company will make $17,500 minus the cost of the bid a. What is the expected value in this situation? S (Round to the nearest dollar.) b. Choose the statement below that best describes what this value means O A. In the long run, the construction company would expect to break even on average. O B. In the long run, the construction company would expect to earn this amount on average per bid. O C. In the long run, the construction company would expect to lose this amount on average per bid. O D. None of the above

Name: A construction company is planning to bid on a building contract. The
Uploaded: 2024-03-20T07:06:41.000Z
Channel: Bartleby
Description: A construction company is planning to bid on a building contract. The bid costs the company $1500. The probability that the bid is accepted isIf the bid is accepted, the company will make $17,500 minus the cost of the bid.a. What is the expected val