Contracts
Your company bids for two contracts. You believe the probability that you get contract #1 is 0.8. If you get contract #1, the probability that you also get con- tract #2 will be 0.2, and if you do not get contract #1, the probability that you get contract #2 will be 0.3.
a) Are the outcomes of the two contract bids independent? Explain.
b) Find the probability you get both contracts.
c) Find the probability you get neither 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 of X.