Question: Contracts. Your company bids for two contracts. You believe the probability you get contract #1 is 0.8. If you get contract #1, the probability you also get contract #2 will be 0.2, and if you do not get #1, the probability you get #2 will be 0.3.
a) Are the two contracts independent? Explain.
b) Find the probability you get both contracts.
c) Find the probability you get no contract.
d) Let X be the number of contracts you get. Find the probability model for X.
e) Find the expected value and standard deviation.