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A firm plans to bid Rs. 300 per tonne for a contract to supply 1,000 tonnes of a metal. It has two competitors "A" and "B" and it assumes that the probability that "A" will bid less than Rs. 300 per tonne is 0.7. If the lowest bidder gests all the business and the firms bid independently, what is expected value of the contract to the firm?
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| Credit : Vijayalakshmi Desu |
