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:
| 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
a. The expected attendance = sum(attendance *problem)=4000*0.2+15000*0.1+30000*0.2+40000*0.5=800+1500+6000+20000=28300
b. Total cost = $ 210000
Total receipts = 28300*$25 = 707500
Therefore expected profit=707500-210000=497500
