City of Fairmont begins bidding process for construction on Norwood Park

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SOLVED: A construction company is planning to bid on a buildingcontract. The bid costs the company 1800. The probability thatthe bid is accepted is 2/5. If the bid is accepted, the companywill make19,500 minus the cost of the bid.a.  What is the expected value in this situation?

SOLVED: A construction company is planning to bid on a buildingcontract. The bid costs the company 1000. The probability thatthe bid is accepted is 1/5. If the bid is accepted, the companywill make42,500 minus the cost of the bid.a.  What is the expected value in this situation?b.  Choose the statement below that best describes what thisvalue means.A.In the long run, the construction company would expect toearn this amount on average per bid.B.In the long run, the construction company would expe

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