Each day a veterinary clinic schedules 10 horses to be examined for a respiratory disease. The cost of each test is $80. The probability that a horse has the disease is 0.1. If the horse has the disease, the treatment costs $500. a) What is the probability that at least three horses will be diagnosed with the disease on any given day? b) What is the probability that at most four horses will be diagnosed with the disease on any given day? c) What is the expected profit per day that the clinic makes from examining horses and treating them for this disease?

Each day a veterinary clinic schedules 10 horses to be examined for a respiratory disease. The cost of each test is $80. The probability that a horse has the disease is 0.1. If the horse has the disease, the treatment costs $500. a) What is the probability that at least three horses will be diagnosed with the disease on any given day? b) What is the probability that at most four horses will be diagnosed with the disease on any given day? c) What is the expected profit per day that the clinic makes from examining horses and treating them for this disease?

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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Question

a) What is the probability that at least three horses will be diagnosed with the disease on any given day?
b) What is the probability that at most four horses will be diagnosed with the disease on any given day?
c) What is the expected profit per day that the clinic makes from examining horses and treating them for this disease?

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