201 201 File Edit View Window Help Home Tools bus 306 chap 56 te.. x An individu

Question

201 201 File Edit View Window Help Home Tools bus 306 chap 56 te.. x An individual that sells concessions for the Phillies observed that when the weather is hot and sunny, they will make $100 for a game. If the weather is warm but cloudy, the vendor will make $80. If the weather is cool and rainy, the vendor will make $50 and if the weather is cold, he will only make $20. The concessions vendor received probabilties from the National Weather Service on the likelihood of each type of weather condition for the summer with the following results 4. Probability Hot and Sunny Warm and cloudy Cool and rainy Cold 20 30 30 20 What is the expected value of income that this vendor will receive each day

Explanation / Answer

Weather Income Probability Income * Probability Hot and Sunny 100 0.2 $        20.00 Warm and Cloudy 80 0.3 $        24.00 Cool and rainy 50 0.3 $        15.00 Cold 20 0.2 $          4.00 $        63.00 Expected value of income = $63.00

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