A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN: 9780134753119
Author: Sheldon Ross
Publisher: PEARSON
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In the table below x denotes the X-Tract Company’s projected annual profit (in $1,000).  The table also shows the probability of earning that profit.  The negative value indicates a loss.

 

x f(x)   x = profit  
-100 0.01   f(x) = probability
-200 0.04      
0        
100 0.26      
200 0.54      
300 0.05      
400 0.02      

 

13 If we quadruple each value in the profit column above, the new expected value of profit will be.
 
a $616              
b $604              
c $592              
d $580              
Expert Solution
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Step 1

HERE 

x = denotes the X-Tract Company’s projected annual profit (in $1,000). 

The table also shows the probability of earning that profit. 

The negative value indicates a loss.

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