Compute the expected value (to 2 decimals) for the profit associated with the two expansion alternatives. Medium   thousand Large   thousand Which decision is preferred for the objective of maximizing the expected profit?   preferred. b. Compute the variance (to 2 decimals) for the profit associated with the two expansion alternatives. Medium   Large

Investment advisors recommend risk reduction through international diversification. International investing allows you to take advantage of the potential for growth in foreign economies, particularly in emerging markets. Janice Wong is considering investment in either Europe or Asia. She has studied these markets and believes that both markets will be influenced by the U.S. economy, which has a 20% chance for being good, a 50% chance for being fair, and a 30% chance for being poor. Probability distributions of the returns for these markets are given in the accompanying table. State of the U.S. Economy Returns in Europe Returns in Asia Good 10% 18% Fair 6% 10% Poor −6% −12%

A certain model phone costs $599. The probability of the phone breaking over the course of a year is .07. What is the maximum amount you could pay for phone replacement insurance and still have a non-negative expected value on the policy? In other words, for what price or below would it be worth it to get the insurance?

The principle of redundancy is used when system reliability is improved through redundant or backup components. Assume that a​ student's alarm clock has a 5.6​% daily failure rate. Complete parts​ (a) through​ (d) below. a. What is the probability that the​ student's alarm clock will not work on the morning of an important final​ exam?     b. If the student has two such alarm​ clocks, what is the probability that they both fail on the morning of an important final​ exam?     c. What is the probability of not being awakened if the student uses three independent alarm​ clocks?     d. Do the second and third alarm clocks result in greatly improved​ reliability?     A. ​No, because the malfunction of both is equally or more likely than the malfunction of one.   B. ​No, because total malfunction would still not be unlikely.   C. ​Yes, because total malfunction would not be​ impossible, but it would be unlikely.   D. ​Yes, because you can always be certain that at…