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Ahat [919]
3 years ago
7

Ephemeral services corporation (esco) knows that nine other companies besides esco are bidding for a $900,000 government contrac

t. each company has an equal chance of being awarded the contract. if esco has already spent $100,000 in developing its bidding proposal, what is its expected net profit?
a. $10,000

b. $0

c. $100,000

d. $90,000
Mathematics
1 answer:
EastWind [94]3 years ago
4 0

Answer:

c. $100,000

Step-by-step explanation:

Calculation of the expected net profit of Ephemeral services corporation

Since we are been told that 9 other companies besides esco are as well bidding for the $900,000 government contract, it means we have to find the expected net profit by dividing 1 by 9×$900,000 .Thus ESCO can only expect to cover its sunk cost.

Hence ,

E(X) = (1/9) × $900,000

E(X)=0.111111111×$900,000

E(X)= $100,000

Therefore the expected net profit would be $100,000

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