After Plowing Through Contracts for a Decade, the Contract Writer

question 74

Essay

After plowing through contracts for a decade, the contract writer knew about how long it took to crank out the material necessary to satisfy a contract's requirements. The distribution could be modeled using the data provided in this table.
$$\begin{array} { | c | c | } \hline \begin{array} { c } \text { Number of } \\\text { Weeks }\end{array} & \begin{array} { c } \text { Random } \\\text { Number Range }\end{array} \\\hline 2 & 0 - 5 \\\hline 3 & 6 - 15 \\\hline 4 & 16 - 35 \\\hline 5 & 36 - 80 \\\hline 6 & 81 - 99 \\\hline\end{array}$$
-If each contract is worth $4000 but it costs $200 per week to work on a contract, what is the profit resulting from a simulation drawing of the numbers 72, 36, 8, 71, and 94?

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Definitions:

Normal Good

A good for which an increase in income raises the quantity demanded.

Inferior Good

A type of good for which demand decreases as the income of consumers increase, unlike normal goods for which demand increases with an increase in income.

Income Decrease

Income decrease refers to a reduction in the amount of money earned by an individual or received by a household, affecting their ability to spend and save.

Giffen Goods

A type of product that paradoxically experiences increased demand as its price rises, seemingly contrary to the basic law of demand due to the effect on consumption of essential goods.