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Statistics / Probability and Statistics for Engineers and the Scientists 9 / Chapter 4 / Problem 4.8

Probability and Statistics for Engineers and the Scientists | 9th Edition | ISBN: 9780321629111 | Authors: Ronald E. Walpole; Raymond H. Myers; Sharon L. Myers; Keying E. Ye

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QUESTION:

Suppose that an antique jewelry dealer is interested in purchasing a gold necklace for which the probabilities are 0.22, 0.36, 0.28, and 0.14, respectively, that she will be able to sell it for a prot of $250, sell it for a prot of $150, break even, or sell it for a loss of $150. What is her expected prot?

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QUESTION:

Suppose that an antique jewelry dealer is interested in purchasing a gold necklace for which the probabilities are 0.22, 0.36, 0.28, and 0.14, respectively, that she will be able to sell it for a prot of $250, sell it for a prot of $150, break even, or sell it for a loss of $150. What is her expected prot?

ANSWER:

Q:Suppose that an antique jewelry dealer is interested in purchasing a gold necklace for which the probabilities are 0.22, 0.36, 0.28, and 0.14, respectively, that she will be able to sell it for a prot of $250, sell it for a profit of $150, break even, or sell it for a loss of $150. What is her expected profit Step By Step SolutionStep 1 of 2: X $250 $150 $0 -$150 f(x) 0.22 0.36 0.28 0.14

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