Marketing estimates that a new instrument for the analysis of soil samples will be very
Chapter 3, Problem 3-24(choose chapter or problem)
Marketing estimates that a new instrument for the analysis of soil samples will be very successful, moderately successful, or unsuccessful, with probabilities 0.3, 0.6, and 0.1, respectively. The yearly revenue associated with a very successful, moderately successful, or unsuccessful product is $10 million, $5 million, and $1 million, respectively. Let the random variable X denote the yearly revenue of the product. Determine the probability mass function of X.
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