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What is the expected profit

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Reference no: EM132115866

Weather                          Probability = F(x)                            Attendance = X                            

Terrible weather                    0.2                                                    500

Mediocre weather                 0.6                                                    1000

Great weather                      0.2                                                     2000

(a)  Suppose that each ticket costs $5 and that the total cost of giving the concert is a fixed $2000. Let Y = profit = total sales revenue - total cost = 5X - 2000. What is the expected profit?

Reference no: EM132115866

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