A local club plans to invest $10,000 to host a baseball game. They expect to sell tickets worth $15,000. But if it rains on the day of game, they won't sell any tickets and the club will lose all the money invested. The weather forecast for the day of game is 20% possibility of rain. a) Make a probability distribution table modelling the club's profits. b) Use R to compute the expected value of their profits. Use R to compute the variance and standard deviation of their profits. d) Using this information, is this investment a good idea? Explain.
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When it comes to the concept of polynomial equations, quadratic equations can be said to be a special case. What does solving a quadratic equation mean? We will understand the quadratics and their types once we are familiar with the polynomial equations and their types.
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The concept of demand and supply is important for various factors. One of them is studying and evaluating the condition of an economy within a given period of time. The analysis or evaluation of the demand side factors are important for the suppliers to understand the consumer behavior. The evaluation of supply side factors is important for the consumers in order to understand that what kind of combination of goods or what kind of goods and services he or she should consume in order to maximize his utility and minimize the cost. Therefore, in microeconomics both of these concepts are extremely important in order to have an idea that what exactly is going on in the economy.
a)
Let X be the random variable which denotes the profit.
| Profit | |
b) Follow the command as given below ( in R)
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