A construction company submitted bids for three contracts. The company estimates that it has a 20% chance of winning any given bid. Let X represent the number of bids the company wins. Here is the
probability distribution of X along with summary statistics:

X = # of bids won-
0 1 2 3

P(X)-
0.512 0.384 0.096 0.008

Mean: µx=0.6
Standard deviation: σx=0.69

It costs the company a total of $2,000 to submit these bids, and they stand to gain $10,000 for each bid
they win. Let V represent their net gain from submitting these three bids.
What are the mean and standard deviation of V?
µv= dollars
σv=dollars

Acaterer knows he will need 60, 50, 80, 40 and 50 dinner napkins on five successive evenings. he can purchase new napkins initially at 25 cents each, after which he can have dirty napkins laundered by a fast one-day laundry service (i.e., dirty napkins given at the end of the day will be ready for use the following day) at 15 cents each, or by a slow two-day service at 8 cents each or both. the caterer wants to know how many napkins he should purchase initially and how many dirty napkins should be laundered by fast and slow service on each of the days in order to minimize his total costs. formulate the caterer’s problem as a linear program as follows (you must state any assumptions you make): a. define all variables clearly. how many are there? b. write out the constraints that must be satisfied, briefly explaining each. (do not simplify.) write out the objective function to be minimized. (do not simplify.)