From past e annual profit (in dollars) is $82.000 if the summer weather is typic

Question

From past e annual profit (in dollars) is $82.000 if the summer weather is typical, S49,000 itthe weather is unusualy dry, and $29,000 if there is a severe storm that destroys unusualy dry weather, and 0.06 of a severe stom. Let X denote the farmer's profit next year. Complte parts much of his crop. Weather bureau records indicate that the probability is 0.71 of typical weather, 0.23 of Profit x Typical Unusualy dry Severe storm (Type integers or decimals. Do not round.) The probability is (Type an integer or a decimal. Do not round.) c. Find the mean of the protablity distribution of ?. Interpret Round to the nearest dollar as needed.) O B. The wheat farmer will earn a proft of s next year

Explanation / Answer

(a)

        

(b) what is th eprobbaility that the profit is $49000 or less

Sol:71% of 82000+23% of 49000=94=0.94

(c) mean

Sol:0.71*82000+0.23*49000+0.06*29000

    =58220+11270+1740

     =71210

wheather profit probability Typical 82000 0.71 unusally dry 49000 0.23 storm 29000 0.06

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