A firm plans to bid $. 300 per kg. For a contract to supply 1,000 kg. Of a metal. It has two competitors A and B and it assumes that the probability that A will bid less than $. 300 per kg. Is 0.3 and...

Extracted text: A firm plans to bid $. 300 per kg. For a contract to supply 1,000 kg. Of a metal. It has two competitors A and B and it assumes that the probability that A will bid less than $. 300 per kg. Is 0.3 and that B will bid less than $ 300 per kg. Is 0.7. If the lowest bidder gets all the business and the firms bid independently, what is the expected value of the contract to the firm?