Question

A fisherman goes out to the sea twice a day. His first attempt leads to a...

A fisherman goes out to the sea twice a day. His first attempt leads to a catch with probability 0.6, and his second attempt leads independently to a catch with probability 0.3. Any catch made is equally likely to be either a big catch worth $1,000 or a standard catch worth $500. Let X be the total revenue (in dollar) made by the salesman at the end of the day. Find the expected value of X.

0 0
Add a comment Improve this question Transcribed image text
Answer #1

expected number of catch made in a day =expected catch in first attempt+expected catch in 2nd attempt=1*0.6+1*0.3 =0.9

expected value of a catch =(1000+500)/2 =750

therefore expected value of X =750*0.9 =$ 675

Add a comment
Know the answer?
Add Answer to:
A fisherman goes out to the sea twice a day. His first attempt leads to a...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Each morning Jeff leaves his house and goes for a run (to the pub. He is...

    Each morning Jeff leaves his house and goes for a run (to the pub. He is equally likely to leave either from his front or back door. Upon leaving his house, he chooses a pair of running shoes (or goes running barefoot if there are no shoes at the door from which he departed) On his return he is equally likely to enter, and leave his running shoes, either by the front door or back door. Assume he has 2...

  • Question 1 For a firm to recognize revenue, it must 1 point Have delivered something to...

    Question 1 For a firm to recognize revenue, it must 1 point Have delivered something to the customer have received at least some cash from the customer be earned and realized/realizable either have received cash or have a signed contract 2. Question 2 Your friend Yong has a company making and selling watches with bands that are customized to match university colors. The business started locally, but now has expanded around the world. His strategy is to sell in bulk...

  • In your judgement, and given only the facts described in this case, should the management of...

    In your judgement, and given only the facts described in this case, should the management of Massey energy Company be held morally responsible for the deaths of the 29 miners? Explain in detail. Suppose that nothing more is learned about the explosion other than what is described in this case. Do you think Don Blankership should be held morally responsible for the deaths of the 29 miners? Explain in detail. Given only the facts described in this case, should the...

  • A. Issues [1] In addition to damages for one year's notice period, can a trial judge...

    A. Issues [1] In addition to damages for one year's notice period, can a trial judge award significant damages for the mere fact of an employee's dismissal, or for the stigma that that dismissal brings? Or for the employer thereafter competing with the ex-employee for the clients, before the ex-employee has got a new job? B. Basic Facts [2] This is an appeal from 2009 ABQB 591 (CanLII), 473 A.R. 254. [3] Usually a judgment recites facts before law. But...

  • Please use own words. Thank you. CASE QUESTIONS AND DISCUSSION > Analyze and discuss the questions...

    Please use own words. Thank you. CASE QUESTIONS AND DISCUSSION > Analyze and discuss the questions listed below in specific detail. A minimum of 4 pages is required; ensure that you answer all questions completely Case Questions Who are the main players (name and position)? What business (es) and industry or industries is the company in? What are the issues and problems facing the company? (Sort them by importance and urgency.) What are the characteristics of the environment in which...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT