The following table describes the quantity of a specific television model a retailer sells each day, along with the respective probabilities for each quantity sold. Each TV sells for $900. What is the retailer’s expected revenue for that TV model on any given day? Table is given

A First Course in Probability (10th Edition)
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Chapter1: Combinatorial Analysis
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1. The following table describes the quantity of a specific television model a retailer sells each day, along with the respective probabilities for each quantity sold. Each TV sells for $900. What is the retailer’s expected revenue for that TV model on any given day?

Table is given below.

Quantity Probability
0.295
1
0.310
0.215
3
0.135
4
0.045
Table 1: Quantity of TVs sold and probabilities
Transcribed Image Text:Quantity Probability 0.295 1 0.310 0.215 3 0.135 4 0.045 Table 1: Quantity of TVs sold and probabilities
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