Auctioning paintings A collector is interested in two paintings by the same artist available at an auction. She plans to bid $3,000 for the first painting auctioned off and $2,000 for the second. She estimates that the
- a. List the
sample space of all possible outcomes of winning or losing the bids for the two paintings. (Draw a tree diagram.) - b. Are the
events of winning the bid for the first painting and winning the bid for the second painting independent events? Explain. - c. Find the probability of each outcome in the sample space. (Use the tree diagram.)
- d. Find the probability distribution of X.
- e. Find the
mean of X.
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