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1. You play a game in which 30% of the time you will WIN $5 and 70% of the time you will LOSE $3. What is the expected value for this game? Please show your work. 2. You play a game in which 40% of the time you win $3 and 40% of the time you lose $5 and 20% of the time you win $1. Please show your work. 3. Jet Blue is considering adding a route to the city of Minneapolis, MN. After considerable research, the company estimates that if it adds this route, there is a 60% chance of making a $900,000 profit, a 10% chance of breaking even, and a 30% chance of losing $1,400,000. Calculate the expected valu adding this new route.

1. You play a game in which 30% of the time you will WIN $5 and 70% of the time you will LOSE $3. What is the expected value for this game? Please show your work. 2. You play a game in which 40% of the time you win $3 and 40% of the time you lose $5 and 20% of the time you win $1. Please show your work. 3. Jet Blue is considering adding a route to the city of Minneapolis, MN. After considerable research, the company estimates that if it adds this route, there is a 60% chance of making a $900,000 profit, a 10% chance of breaking even, and a 30% chance of losing $1,400,000. Calculate the expected valu adding this new route.

A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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SECTION 11.3: EXPECTED VALUE ONLINE VERSION 1. You play a game in which 30% of the time you will WIN $5 and 70% of the time you will LOSE $3. What is the expected value for this game? Please show your work. 2. You play a game in which 40% of the time you win $3 and 40% of the time you lose $5 and 20% of the time you win $1, Please show your work. 3. Jet Blue is considering adding a route to the city of Minneapolis, MN. After considerable research, the company estimates that if it adds this route, there is a 60% chance of making a $900,000 profit, a 10% chance of breaking even, and a 30% chance of losing $1,400,000. Calculate the expected value of adding this new route. 4. An outdoor hot dog vendor sells an average of 50 hot dogs per day in dry weather and an average of 15 per day in wet weather, If the weather in this area is wet 25% of the time, what is the expected number of hot dogs sold per day? (Round to the nearest hot dog)
Transcribed Image Text:SECTION 11.3: EXPECTED VALUE ONLINE VERSION 1. You play a game in which 30% of the time you will WIN $5 and 70% of the time you will LOSE $3. What is the expected value for this game? Please show your work. 2. You play a game in which 40% of the time you win $3 and 40% of the time you lose $5 and 20% of the time you win $1, Please show your work. 3. Jet Blue is considering adding a route to the city of Minneapolis, MN. After considerable research, the company estimates that if it adds this route, there is a 60% chance of making a $900,000 profit, a 10% chance of breaking even, and a 30% chance of losing $1,400,000. Calculate the expected value of adding this new route. 4. An outdoor hot dog vendor sells an average of 50 hot dogs per day in dry weather and an average of 15 per day in wet weather, If the weather in this area is wet 25% of the time, what is the expected number of hot dogs sold per day? (Round to the nearest hot dog)
In a proposed business venture, a company estimates that there is a 60% chance the company will make $80,000 and a 40% chance the company will lose $20,000. Determine the expected value for the company. 5. The Triple L Investment Club is considering purchasing a certain stock. After considerable research, the club members determine that there is a 60% chance of making $10,000, a 10% chance of breaking even, and a 30% chance of losing $25,000. Determine the expected value of this purchase. 6.
Transcribed Image Text:In a proposed business venture, a company estimates that there is a 60% chance the company will make $80,000 and a 40% chance the company will lose $20,000. Determine the expected value for the company. 5. The Triple L Investment Club is considering purchasing a certain stock. After considerable research, the club members determine that there is a 60% chance of making $10,000, a 10% chance of breaking even, and a 30% chance of losing $25,000. Determine the expected value of this purchase. 6.
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