Kramer wants to open a fruit stand. He figures his business can be really successful, moderately successful, barely successful, a failure, or a complete failure. Below is a table of all the possible outcomes, the estimated probability that each outcome will occur, and the profit Kramer will make for each outcome. What is the expected profit, in thousands, for this business? (Round your answer to the nearest two decimal places. Do not include the dollar sign ($) in your answer.)| Outcome | P(O) | Quarterly Profit ($, thousands) ||------------------------|------|---------------------------------|| Really successful | 0.12 | 30 || Moderately successful | 0.23 | 16 || Barely successful | 0.35 | 1 || Failure | 0.28 | -5 || Complete failure | 0.02 | -25 |To calculate the expected profit, multiply each outcome's probability by the corresponding profit and sum the results.

x($, thousands) P9x) x*P(x) 30 0.12 3.6 16 0.23 3.68 1 0.35 0.35 -5 0.28 -1.4 -25 0.02 -0.5 ∑x*P(x) = 5.73expected value E(x) = ∑x*P(x) = 5.73 tthousand$answer : 5.73

Answered: Kramer wants to open a fruit stand. He…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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