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Sagot :
Based on the fact that people will not park illegally if the expected value is negative, the probabilities that would make people stop parking illegally are 26% and 31%.
What are the expected values of the given probabilities?
Expected value can be found as:
= -(Cost of ticket x Probability) + Opportunity cost of searching for parking
Probability of 26% Probability of 31%
= -(100 x 26%) + 25 = -(100 x 31%) + 25
= -$1 = -$6
Probability of 23% Probability of 21%
= -(100 x 23%) + 25 = -(100 x 11%) + 25
= $2 = $4
The probabilities that are negative are: 26% and 31%.
Find out more on expected value at https://brainly.com/question/10675141.
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