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The government is building 2 bridges. 3 firms are submitting bids for the work: Firm #1, Firm #2, Firm #3. The government will not give both contracts to the same firm. Let random variable X=1 if Firm #1 gets a contract, and X=0 if Firm #1 does not get a contract. Similarly, let random variable Y=1 if Firm #2 gets a contract, and Y=0 if Firm #1 does not get a cotract. Note that X and Y are jointly distributed.
1) List all possible outcomes. Determine the values X and Y for each possible outcome.
Does anyone have an idea how to approach this?
Last edited by abc4616 (2006-10-12 09:16:59)
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Maybe I'm interpreting this the wrong way, but aren't there only 3 possibilities?
Either Firm1 and Firm2 get contracts,
Firm1 and Firm3 get contracts,
or Firm2 and Firm3 get contracts.
In the first case, X=1, Y=1.
In the second case, X=1,Y=0.
In the third case, X=0, Y=1.
Why did the vector cross the road?
It wanted to be normal.
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