SOLUTION: An architect is considering bidding for the design of a gnu museum. The cost of drawling plans and submitting a model is $12,000. The probability of being awarded the bed is .2. If

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Question 1199127: An architect is considering bidding for the design of a gnu museum. The cost of drawling plans and submitting a model is $12,000. The probability of being awarded the bed is .2. If the architect is awarded the bed, she won’t make $60,000 minus the $12,000 cost for plans and a model. What is the expected value in the situation
Answer by ikleyn(52878)   (Show Source): You can put this solution on YOUR website!
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An architect is considering bidding for the design of a gnu museum. The cost of drawling plans and submitting a model is $12,000.
The probability of being awarded the bed is .2. If the architect is awarded the    bid,
she    make $60,000 minus the $12,000 cost for plans and a model. What is the expected value in the situation
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The expected value is   0.2*60,000 - 12,000 = 0  (zero dollars and zero cents).         ANSWER


Solved.



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