The cost of attending a sports event is usually not limited to the tickets. Often times, you will have to pay for parking and you may want to buy food and drinks, and sometimes souvenirs.Suppose the ticket price of a sports event is $50. The probability and price are assumed as follows:the probability that you will have to pay for parking is P(Parking)=0.9, the parking price is $20the probability that you will buy a soft drink is P(SD)=0.75, the price of a soft drink is $4the probability that you will buy a beer is P(Beer)=0.8, the price of a beer is $5the probability that you will buy a hot dog is P(HD)=0.5, the price of a hot dog is $6the probability that you will buy a cap carrying the team's logo is P(Cap)=0.25, the price of a cap is $20Calculate the following expected cost of attending this event.

Answered: The cost of attending a sports event is…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

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The cost of attending a sports event is usually not limited to the tickets. Often times, you will have to pay for parking and you may want to buy food and drinks, and sometimes souvenirs.

Suppose the ticket price of a sports event is $50. The probability and price are assumed as follows:

the probability that you will have to pay for parking is P(Parking)=0.9, the parking price is $20
the probability that you will buy a soft drink is P(SD)=0.75, the price of a soft drink is $4
the probability that you will buy a beer is P(Beer)=0.8, the price of a beer is $5
the probability that you will buy a hot dog is P(HD)=0.5, the price of a hot dog is $6
the probability that you will buy a cap carrying the team's logo is P(Cap)=0.25, the price of a cap is $20

Calculate the following expected cost of attending this event.

Expert Solution

Step 1: Mention the given information

Given that the ticket price of a sports event is $50.

P (Parking) = 0.9, the parking price is $20.

P (SD) = 0.75, the soft drink price is $4.

P (Beer) = 0.8, the parking price is $5.

P (HD) = 0.5, the hot dog price is $6.

P (Cap) = 0.25, the cap price is $20.

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