Question 130603This question is from textbook Statistics4
: I have tried to do this problem but I dont know how, could someone explain it to me? thanks
A landscape conractor bids on jobs where he can make $3000 profit. The probabilities of getting one, two, three, or four jobs per month are shown
Number of jobs 1 2 3 4
Probability .2 .3 .4 .1
Find the contractors expected profit per month.
This question is from textbook Statistics4
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! A landscape conractor bids on jobs where he can make $3000 profit. The probabilities of getting one, two, three, or four jobs per month are shown
Number of jobs 1 2 3 4
Probability .2 .3 .4 .1
Find the contractors expected profit per month.
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Expected number of jobs is 1*0.2 + 2*0.3 3*0.4 + 4*0.1 = 2.4 jobs
Expected Profit would be 2.4*3000 = $7200
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Cheers,
Stan H.
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