Please include the steps on how to solve for P, I cannot find any instructions from any other resources, thank you.
1. Given IS = 290, IH = 1,490, E(I) = 1,280, solve for P (probability of being sick)
Solution:
Income when person is sick, IS = $290
Income when person is healthy, IH = $1490
Expected income, E(I) = income when person is sick*probability of being sick + income when person is healthy*probability of being healthy
Of course, probability of being healthy = 1 - probability of being sick
So, E(I) = 1280 = 290*P + 1490*(1 - P)
1280 = 290*P + 1490 - 1490*P
(1490 - 290)*P = 1490 - 1280
1200*P = 210
So, P = 210/1200 = 0.175
The probability of being sick is 0.175
Please include the steps on how to solve for P, I cannot find any instructions from...
Please show all steps,
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Recall that If X is a continuous random variable with density f(x)= , 0, Otherwise find EX.
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