The article “Traps in Mineral Valuations—Proceed With Care” models the value (in millions of dollars) of a mineral deposit yet to be mined as a random variable X with probability mass function p(x) given by p(10)=0.40, p(60)=0.50, p(80)=0.10, and p(x)=0 for values of x other than 10, 60, or 80.
a. Is this article treating the value of a mineral deposit as a discrete or a continuous random variable?
b. Compute 
.
c. Compute 
.
d. The project will be profitable if the value is more than $50 million. What is the probability that the project is profitable?
(a) Discrete. The possible values are 10, 60, and 80.
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