Expected Value: A company sells a product for $100. The cost of producing the product is $70. They estimate the probabilities of selling 0, 1, 2, 3, or 4 products in a day as 0.1, 0.2, 0.3, 0.3, and 0.1, respectively. What is the expected daily profit for the company?

Expected Value: A company sells a product for $100. The cost of producing the product is $70. They estimate the probabilities of selling 0, 1, 2, 3, or 4 products in a day as 0.1, 0.2, 0.3, 0.3, and 0.1, respectively. What is the expected daily profit for the company?

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter10: Sequences, Series, And Probability

Section: Chapter Questions

Problem 35T

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Question

Expected Value:

A company sells a product for $100. The cost of producing the product is $70. They estimate the probabilities of selling 0, 1, 2, 3, or 4 products in a day as 0.1, 0.2, 0.3, 0.3, and 0.1, respectively. What is the expected daily profit for the company?

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