A rock concert producer has scheduled an outdoor concert. The producer estimates the attendance will depend on the weather according to the following table.   Weather Attendance Probability wet, cold 3000 0.1 wet, warm 20000 0.2 dry, cold 30000 0.2 dry, warm 50000 0.5 (a) What is the expected attendance? answer:  (b) If tickets cost $ 25 each, the band

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...
icon
Related questions
Question

A rock concert producer has scheduled an outdoor concert. The producer estimates the attendance will depend on the weather according to the following table.

 

Weather Attendance Probability

wet, cold 3000 0.1

wet, warm 20000 0.2

dry, cold 30000 0.2

dry, warm 50000 0.5

(a) What is the expected attendance?

answer: 

(b) If tickets cost $ 25 each, the band will cost $ 200000, plus $ 40000 for administration. What is the expected profit?

 

answer: 

 

Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Similar questions
Recommended textbooks for you
A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON
A First Course in Probability
A First Course in Probability
Probability
ISBN:
9780321794772
Author:
Sheldon Ross
Publisher:
PEARSON