Homework SourseA rock concert producer has scheduled an outdoor concert The
A rock concert producer has scheduled an outdoor concert. The producer estimates the attendance will depend on the weather according to the following table.
answer:
2) Prizes and the chances of winning in a sweepstakes are given in the table below.
| Weather | Attendance | Probability |
| wet, cold | ![\"4000\"](\"//www.math.csi.cuny.edu/webwork2_files/tmp/equations/de/1231d8d5453c65726cb8d720323fba1.png\") | ![\"0.2\"](\"//www.math.csi.cuny.edu/webwork2_files/tmp/equations/f6/7bd48284a456496f5c3da3c6e68dd81.png\") |
| wet, warm | ![\"15000\"](\"//www.math.csi.cuny.edu/webwork2_files/tmp/equations/10/77a61117b0552b35353e7b2ecf62381.png\") | ![\"0.1\"](\"//www.math.csi.cuny.edu/webwork2_files/tmp/equations/38/d253db05f6cc564b6dc0eb07e611681.png\") |
| dry, cold | ![\"30000\"](\"//www.math.csi.cuny.edu/webwork2_files/tmp/equations/65/b7ffded436017cc4646a2aab2f902b1.png\") | |
| dry, warm | ![\"40000\"](\"//www.math.csi.cuny.edu/webwork2_files/tmp/equations/58/30234a598b2d1e5479be7665c01d071.png\") | ![\"0.5\"](\"//www.math.csi.cuny.edu/webwork2_files/tmp/equations/df/8008a874e2b4129390066a17d389671.png\") |
Solution
1.
Consider the table:
Thus, E(x) = 28300. [answer]
b)
E(profit) = E(25x - 150000 - 60000) = 25E(x) - 210000 = 25(28300) - 210000 = 497500 [ANSWER]
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| x | P(x) | x P(x) |
| 4000 | 0.2 | 800 |
| 15000 | 0.1 | 1500 |
| 30000 | 0.2 | 6000 |
| 40000 | 0.5 | 20000 |
| Total | 28300 | |
| E(x) |
