B.3. A plumbing contractor has the opportunity to bid on a contract to do the plumbing work for a ne
B.3. A plumbing contractor has the opportunity to bid on a contract to do the plumbing work for a new office building. After reviewing the blueprints and specifications, the contractor estimates that the job will cost $300,000. The possible bids the contractor might make and his estimates of the probability of winning the contract at each bid level are:
BidProbability Win
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$350,000.75
$375,000.50
$400,000.25
$425,0000
What should the contractor bid if he wishes to maximize his expected profits?
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