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Your company has been contracted to organise a K-pop concert at Sydney Olympic Park in September. However, the month of September comes with a lot of rain. Your role as the consultant is to evaluate the risk involved in holding the concert. After consulting with the bureau of meteorology that ranks the weather as 'terrible', 'good', or 'great', you have some estimates of attendance (in thousands). Your estimates show that there is a 20% chance of 'terrible' weather, in which case only 50 (thousand) people will attend the concert. There is 60% chance of 'good' weather, which in which case 80 (thousand) people will attend the concert, and if the weather is great, 100 (thousand) people will attend the concert. Suppose that tickets sell for $5 each and that the total cost for organizing the concert is a fixed $10,000. If profit is defined as the difference between total sales revenue and total cost, the standard deviation of the profit is

Your company has been contracted to organise a K-pop concert at Sydney Olympic Park in September. However, the month of September comes with a lot of rain. Your role as the consultant is to evaluate the risk involved in holding the concert. After consulting with the bureau of meteorology that ranks the weather as 'terrible', 'good', or 'great', you have some estimates of attendance (in thousands). Your estimates show that there is a 20% chance of 'terrible' weather, in which case only 50 (thousand) people will attend the concert. There is 60% chance of 'good' weather, which in which case 80 (thousand) people will attend the concert, and if the weather is great, 100 (thousand) people will attend the concert. Suppose that tickets sell for $5 each and that the total cost for organizing the concert is a fixed $10,000. If profit is defined as the difference between total sales revenue and total cost, the standard deviation of the profit is

MATLAB: An Introduction with Applications
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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Your company has been contracted to organise a K-pop concert at Sydney Olympic Park in September. However, the month of September comes with a lot of rain. Your role as the consultant is to evaluate the risk involved in holding the concert. After consulting with the bureau of meteorology that ranks the weather as 'terrible', 'good', or 'great', you have some estimates of attendance (in thousands). Your estimates show that there is a 20% chance of 'terrible' weather, in which case only 50 (thousand) people will attend the concert. There is 60% chance of 'good' weather, which in which case 80 (thousand) people will attend the concert, and if the weather is great, 100 (thousand) people will attend the concert. Suppose that tickets sell for $5 each and that the total cost for organizing the concert is a fixed $10,000. If profit is defined as the difference between total sales revenue and total cost, the standard deviation of the profit is
Transcribed Image Text:Your company has been contracted to organise a K-pop concert at Sydney Olympic Park in September. However, the month of September comes with a lot of rain. Your role as the consultant is to evaluate the risk involved in holding the concert. After consulting with the bureau of meteorology that ranks the weather as 'terrible', 'good', or 'great', you have some estimates of attendance (in thousands). Your estimates show that there is a 20% chance of 'terrible' weather, in which case only 50 (thousand) people will attend the concert. There is 60% chance of 'good' weather, which in which case 80 (thousand) people will attend the concert, and if the weather is great, 100 (thousand) people will attend the concert. Suppose that tickets sell for $5 each and that the total cost for organizing the concert is a fixed $10,000. If profit is defined as the difference between total sales revenue and total cost, the standard deviation of the profit is
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