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?

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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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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