Determine the expected profit

Assignment Help Basic Statistics

Reference no: EM13110465

The contractor is considering the sale which promises the profit of $24,000 with the probability of .7 or a loss (due to bad weather, strikes, and such) of $8000 with the probability of .3. Determine the expected profit?

Reference no: EM13110465

Questions Cloud

Determine the evidence to reject hypothesis : A random group of apartments was selected from a city to analize the number of bedrooms they have. Is there evidence to reject the hypothesis that the apartments are equally distributed between 1 bedroom, 2 bedroom, and 3 bedroom apartments, at al..

Compare and contrast the effect an extremely hypotonic : Compare and contrast the effect an extremely Hypotonic environment (i.e. pure water) has on a plant and animal cell.

Ho and ha standardized tests : An environmental agency recently claimed more than 28% of consumers have stopped buying a certain product because of environmental concerns.

How facebook compare with twitter : How does Facebook compare with Twitter in terms of a method for a company to advertise? Is the audience different for the two? Are the risks/rewards different?

Determine the expected profit : Which promises the profit of $24,000 with the probability of .7 or a loss (due to bad weather, strikes, and such) of $8000 with the probability of .3. Determine the expected profit?

Hypothesis testing for mean-variance problem set : At the time she was hired as a server at the Grumney Family restaurant, Beth Brigden was told, "You can average more than $20 a day in tips.

Five step hypothesis test for two variances : Describe a 5-step hypothesis test for two variances for a particular claim related to a real life experience. You need to state the claim, define the null and alternate hypothesis

Role of theory in research proposals : What is the role of theory in research proposals? What are the elements of a study plan? Where might a beginning researcher lose logical flow among elements in a study plan? Why might that happen?

Determine the forecast for last quarter : Forecast quarterly demand where x = 0 in second quarter of last year. Quarterly seasonal factors are Q1=1.5, Q2=0.8, Q3=1.1, Q4=0.6. Determine the forecast for last quarter?

User Account

All Pages