An artist travels to craft fairs all summer long. She must book her booth at a June craft show six months in advance and decide if she wishes to rent a tent for an extra $575 in case it rains on the day of the show. If it does not rain, she believes she will earn S2850 at the show. If it rains, she believes she will earn only $1850, provided she has a tent. If she does not have a tent and it does rain, she will have to pack up and go home and will thus earn S0. Weather records over the last 10 years indicate there is a 0.4 probability of rain in June. Complete parts (a) and (b) below. ..... (a) Prepare a profit matrix. 1275 2275 (Do not include the $ symbol in your answer.) 0 2850 (b) What should the artist do to maximize her expected revenue? O A. She should not rent the tent because the expected value is $ O B. She should rent the tent because the expected value is S
An artist travels to craft fairs all summer long. She must book her booth at a June craft show six months in advance and decide if she wishes to rent a tent for an extra $575 in case it rains on the day of the show. If it does not rain, she believes she will earn S2850 at the show. If it rains, she believes she will earn only $1850, provided she has a tent. If she does not have a tent and it does rain, she will have to pack up and go home and will thus earn S0. Weather records over the last 10 years indicate there is a 0.4 probability of rain in June. Complete parts (a) and (b) below. ..... (a) Prepare a profit matrix. 1275 2275 (Do not include the $ symbol in your answer.) 0 2850 (b) What should the artist do to maximize her expected revenue? O A. She should not rent the tent because the expected value is $ O B. She should rent the tent because the expected value is S
Chapter7: Systems Of Equations And Inequalities
Section7.2: Systems Of Linear Equations: Three Variables
Problem 61SE: Last year, at Haven's Pond Car Dealership, for a particular model of BMW, Jeep, and Toyota, one...
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Transcribed Image Text:An artist travels to craft fairs all summer long. She must book her booth at a June craft show six months in advance and decide if she wishes to rent a tent for an
extra $575 in case it rains on the day of the show. If it does not rain, she believes she will earn s2850 at the show. If it rains, she believes she will earn only $1850,
provided she has a tent. If she does not have a tent and it does rain, she will have to pack up and go home and will thus earn S0. Weather records over the last 10
years indicate there is a 0.4 probability of rain in June. Complete parts (a) and (b) below.
.....
(a) Prepare a profit matrix.
1275 2275
(Do not include the $ symbol in your answer.)
0 2850
(b) What should the artist do to maximize her expected revenue?
O A. She should not rent the tent because the expected value is S
O B. She should rent the tent because the expected value is S
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