Lobster Liquidators will make $ 510 comma 000 if the fishing season weather is good, $...
Lobster Liquidators will make $ 510 comma 000 if the fishing season weather is good, $ 220 comma 000 if the weather is fair, and would actually lose $ 50 comma 000 if the weather is poor during the season. If the weather service gives a 40% probability of good weather, a 20% probability of fair weather, and a 40% probability of poor weather, what is the expected monetary value for Lobster Liquidators?
Homework Answers
Expected value = Sum of Probability*Value
= 510,000*40% + 220,000*20% - 50,000*40%
= $228,000
Hence, expected monetary value = $228,000
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Lobster Liquidators will make $ 510 comma 000 if the fishing
season weather is good, $...
Lobster Liquidators will make $ 510 comma 000$510,000 if the fishing season weather is good, $...
Lobster Liquidators will make $ 510 comma 000$510,000 if the fishing season weather is good, $ 220 comma 000$220,000 if the weather is fair, and would actually lose $ 50 comma 000$50,000 if the weather is poor during the season. If the weather service gives a 4040% probability of good weather, a 2020% probability of fair weather, and a 4040% probability of poor weather, what is the expected monetary value for Lobster Liquidators?
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