An author has written a book and submitted it to a
Chapter 0, Problem 7.35(choose chapter or problem)
An author has written a book and submitted it to a publisher. The publisher offers to print the book and gives the author the choice between a flat payment of $10,000 and a royalty plan. Under the royalty plan the author would receive $1 for each copy of the book sold. The author thinks that the following table gives the probability distribution of the variable x the number of books that will be sold: x 1000 5000 10,000 20,000 p(x) .05 .30 .40 .25 Which payment plan should the author choose? Why?
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