Company average daily prolit

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Reference no: EM13988507

1. The pdf describing the daily profit, X, earned by Acme Industries was derived in Example 3.3.7. Find the company's average daily prolit.

2. In the game of red ball, two drawings are made without replacement from a bowl that has four wrote ping-pong balls and two red ping-pang balls. The amount won is determi ned by how many of the red balls are selected. For a $5 bet, a player can opt LO be paid under either Rule A or Rule B , as shown. If you were playing the game, which would you choose? Why?

A		B
No. of Red Balls Drawn	Payoff	No. of Red Balls Drawn	Payoff
0	0	0	0
1	$2	1	$1
2	$10	2	$20

Reference no: EM13988507

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