Answer
Expected Value= μ =E(X) = ∑X * P(X)
= (1*0.2)+(2*0.3)+(3*0.4)+(4*0.1)
=2.4
Expected profit = 2.4*3000 =7200 dollars
Work Step by Step
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Elementary Statistics: A Step-by-Step Approach with Formula Card 9th Edition
by Bluman, Allan
Published by
McGraw-Hill Education
ISBN 10:
0078136334
ISBN 13:
978-0-07813-633-7
Chapter 5 - Discrete Probability Distributions - 5-2 Mean, Variance, Standard Deviation, and Expectation - Exercises 5-2 - Page 273: 12
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