Discover answers to your questions with Westonci.ca, the leading Q&A platform that connects you with knowledgeable experts. Get immediate answers to your questions from a wide network of experienced professionals on our Q&A platform. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.
Sagot :
Answer:
expected loss of 4/30 ≈ 0.13 dollars
Step-by-step explanation:
profit = revenue - expenses
expected profit= expected revenue - expected expenses
how i solve this is by multiplying each revenue and expense by its probability and solving from there
revenue of gold = 5
revenue of silver = 2
revenue of black = 0
this exhausts all of our revenue options
total marbles = 2+8+20 = 30
# of gold marbles = 2
probability of gold = 2/30
# of silver marbles = 8
probability of silver = 8/30
# of black marbles = 20
probability of black = 20/30
expected revenue = sum of possible revenues multiplied by their probability
= 5 * 2/30 + 2 * 8/30 + 0 * 20/30 = 10/30 + 16/30 = 26/30
cost = 1 no matter what
expected profit = expected revenue - expected expenses
= 26/30 - 1
= -4/30
= an expected loss of 4/30
4/30 ≈ 0.13
We appreciate your time on our site. Don't hesitate to return whenever you have more questions or need further clarification. We appreciate your time. Please come back anytime for the latest information and answers to your questions. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.