Two construction contracts are to be randomly assigned to one or more of three firms: 1, II, and I11. Any firm may receive both contracts. If each contract will yield a profit of $102,000 for the firm, find the expected profit for firm 1. If firms I and II are actually owned by the same individual, what is the owner's expected total profit?

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter10: Sequences, Series, And Probability
Section10.8: Probability
Problem 32E
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Two construction contracts are to be randomly assigned to one or more of three firms: I, II, and III. Any firm may receive both contracts. If each contract will yield a profit of $102,000 for the firm, find the expected profit for firm I.
If firms I and II are actually owned by the same individual, what is the owner's expected total profit?
Transcribed Image Text:Two construction contracts are to be randomly assigned to one or more of three firms: I, II, and III. Any firm may receive both contracts. If each contract will yield a profit of $102,000 for the firm, find the expected profit for firm I. If firms I and II are actually owned by the same individual, what is the owner's expected total profit?
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