A construction company is planning to bid on a building contract. The bid costs the company $1300. the probability that the bid is accepted is 2/5. If the bid is accepted, the company will make $9,500 minus the cost of the bid. what is the expected value in this situation? Choose the statement below that best describes what this value means. A. In the long run, the construction company would expect to break even on average. B. In the long run, the construction company would expect to lose this amount on average per bid. C. In the long run, the construction company would expect to earn this amount on average per bid. D. None of the above.
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
A construction company is planning to bid on a building contract. The bid costs the company $1300. the probability that the bid is accepted is 2/5. If the bid is accepted, the company will make $9,500 minus the cost of the bid.
what is the
Choose the statement below that best describes what this value means.
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