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What is the expected attendance if tickets cost 20 each the

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A rock concert producer has scheduled an outdoor concert. The producer estimates the attendance will depend on the weather according to the following table.

Weather Attendance Pobability
wet, cold 4000 0.1
wet, warm 15000 0.1
dry, cold 20000 0.2
dry, warm 40000 0.6

(a) What is the expected attendance?

(b) If tickets cost $20 each, the band will cost $300000, pluse $55000 for administration. What is the expected profit?

Reference no: EM13628316

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