Mathematics, 09.08.2019 03:20 shonnap1
An architect is considering bidding for the design of a new museum. the cost of drawing plans and submitting a model is $18,000. the probability of being awarded the bid is 0.4, and anticipated profits are $45,000, resulting in a possible gain of this amount minus the $18,000 cost for plans and a model. what is the expected value in this situation?
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An architect is considering bidding for the design of a new museum. the cost of drawing plans and su...
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