# of his crop.probability is 0.70 of typical weather, 0.20 of unusuallydry weather, and 0.10 of a severe storm. Let X denote thefarmer's profit next year.a. Constructa table with the probability distributionof X.b. What is the probability that the profit is \$50,000 orless?c. Find the mean of the probability distribution of X.Interpret.6.15d. Suppose the farmer buys insurance for \$3000 thatpays him \$20,000 in the event of a severe storm thatdestroys much of the crop and pays nothing other-wise. Find the probability distribution of his profit.Find the mean and summarize the effect of buyingthis insurance.TRY6.12 BuyingeBay You are watching two items posted foreBay and bid \$30 for the first and \$20 for the secondgoing to win the first bidwith probability 0.1 and the second bid with probability 0.2,independentevents. Let X denote the random variable denoting theonsale onitem. You estimate that you areand you assume that winning the two bids aretotal amount of money you will spendon the two items. a. List the sample space of all possible outcomes ofwinning or losing the two bids. (Drawb. Find the probability of each outcome in the samplespace. (Use the tree diagram.)c. Find the probability distribution of X.ofa tree diagram.)heob-f10d.Find the mean of X.

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The question is 6.12. A, B, C, and D go to 6.12 but just fall on a different page. Part D. also corresponds to 6.12. Need help on part A,B,C.

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Step 1

part(1)

The sample space of all possible outcomes of winning or losing two bids.

S = {WL, LW, LL,WW}

W: winning bid

L: losing bid

Step 2

Part (2):

Compute probability of each outcome in the sample space.

From the given information,

Probability of winning the first bid is 0.1

Probability of winning the second bid is 0.2

P(WL)= P (winning the first bid but losing the second bid)

= P (winning the first bid) * P (losing the second bid)

= P (winning the first bid) * [1 – P(winning the second bid)]

= 0.1 * [1 &n...

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