1a. Suppose that X is a random variable equal to property losses from hurricane and that...

Question

Question

1a. Suppose that X is a random variable equal to property losses from hurricane and that Y has the

Following Probability distribution:

$100,000 with a probability of 0.02

X = $200,000 with a probability of 0.06

$0 with a probability of 0.92

What is the expected value of hurricane losses or expected?

b. Suppose that A is a random variable equal to profits from a hot dog stand at the beach, and D has the following probability distribution:

$80,000 with a probability of 0.05

$60,000 with a probability of 0.25

A = $40,000 with a probability of 0.35

$12,000 with a probability of 0.20

-$12,000 with a probability of 0.15

What is the expected value of profits?

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