An oil company is considering two sites on which to drill,
Chapter 11, Problem 12(choose chapter or problem)
An oil company is considering two sites on which to drill, described as follows: Site A: Profit if oil is found: $80 million Loss if no oil is found: $10 million Probability of finding oil: 0.2 Site B: Profit if oil is found: $120 million Loss if no oil is found: $18 million Probability of finding oil: 0.1 Which site has the larger expected profit? By how much?
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