Assume a contractor is going to bid on the project but the days to completion, X, is a rv whose probability distribution follows the pmf tabulated below:
x (days) 11 12 13 14 15
p(x) 0.10 0.25 0.35 0.20 0.10
The contractor's net profit function per project is Y = $600(14 - X).
(a) Determine the pmf of X.
(b) Determine the expected value and the variance of X.
(c) Determine the pmf of Y .
(d) Determine the contractor's expected net profit and the variance of Y?