We study the Lovasz number theta along with two further SDP relaxations
theta1, theta1/2 of the independence number and the corresponding relaxations
of the chromatic number on random graphs G(n,p). We prove that these
relaxations are concentrated about their means Moreover, extending a result of
Juhasz, we compute the asymptotic value of the relaxations for essentially the
entire range of edge probabilities p. As an application, we give an improved
algorithm for approximating the independence number in polynomial expected
time, thereby extending a result of Krivelevich and Vu. We also improve on the
analysis of an algorithm of Krivelevich for deciding whether G(n,p) is
k-colorable