Jerry and George are writing a pilot for a sitcom. They estimate they have a 90% chance of the show notbeing picked up as a series. If that happens, their combined profit is -$40,000 as they've invested a greatdeal of time and energy and received nothing for it. If the show is picked up, the profit the pair wouldearn depends on the success of the show, as indicated in the table below. Calculate Jerry and George'sexpected profit, in thousands of dollars. Do not include a dollar sign ($) in your answer.Success ProbabilityMinor25%Moderate 70%Major5%Profit, in thousands of dollars20100500

Expected value of X is given by, E(X)= ∑Xi*P(Xi) P(Xi) Xi 0.25 20 0.70 100 0.05 500E(X)= (0.25*20+0.70*100+0.05*500) = 5+70+25 = 100 (in thousand dollars) Expected profit = 100 thousand dollars.

Answered: Jerry and George are writing a pilot…

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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