1. The following probability tree characterizes prospects that may occur after choosing a given alternative. The profit (expressed in thousands of dollars) is presented at the end of the tree. K$ 30 High Demand 0.3 0.7 Low Demand High Cost 0.2 {Profit <= 80 K$|& } {20 <= Profit <= 70 & } {Profit >= 30 K$|& } 0.8 Low Cost High Cost 0.5 0.5 Low Cost a. Plot the probability mass function for profit b. Plot the cumulative probability for profit. c. Plot the excess cumulative probability for profit. d. Determine: Sun 0.6 0.4 Rain Sun 0.6 0.4 Rain Sun 0.6 0.4 Rain Sun 0.6 0.4 Rain 40 100 110 -10 0 20 30

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1. The following probability tree characterizes prospects that may occur after choosing a given alternative.
The profit (expressed in thousands of dollars) is presented at the end of the tree.
K $
30
High Demand
0.3
0.7
Low Demand
High Cost
0.2
{Profit <= 80 K$|& }
{20 <= Profit <= 70|& }
{Profit >= 30 K$|& }
0.8
Low Cost
High Cost
0.5
0.5
Low Cost
a. Plot the probability mass function for profit
b. Plot the cumulative probability for profit.
c. Plot the excess cumulative probability for profit.
d. Determine:
Sun
0.6
0.4
Rain
Sun
0.6
0.4
Rain
Sun
0.6
0.4
Rain
Sun
0.6
0.4
Rain
40
100
110
-10
0
20
30
Transcribed Image Text:1. The following probability tree characterizes prospects that may occur after choosing a given alternative. The profit (expressed in thousands of dollars) is presented at the end of the tree. K $ 30 High Demand 0.3 0.7 Low Demand High Cost 0.2 {Profit <= 80 K$|& } {20 <= Profit <= 70|& } {Profit >= 30 K$|& } 0.8 Low Cost High Cost 0.5 0.5 Low Cost a. Plot the probability mass function for profit b. Plot the cumulative probability for profit. c. Plot the excess cumulative probability for profit. d. Determine: Sun 0.6 0.4 Rain Sun 0.6 0.4 Rain Sun 0.6 0.4 Rain Sun 0.6 0.4 Rain 40 100 110 -10 0 20 30
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