What is the expected profit

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Reference no: EM131467793

Question: Consider again the roofing contractor of Problem. After further analysis, it has been determined that the profit from each job is not exactly $300, but is random following a normal distribution with a mean of $300 and a standard deviation of $50. What is the expected profit and the standard deviation of profit for September?

Problem: An independent roofing contractor has determined that the number of jobs obtained for the month of September varies. From previous experience, the probabilities of obtaining 0, 1, 2, or 3 jobs have been determined to be 0.1, 0.35, 0.30, and0.25, respectively. The profit obtained from each job is $300. What is the expected profit and the standard deviation of profit for September?

Reference no: EM131467793

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