The following table describes the quantity of a specific television model a retailer sells each day, along with the respective probabilities for each quantity sold. Each TV sells for $900. What is the retailer’s expected revenue for that TV model on any given day? Table is given

The following table describes the quantity of a specific television model a retailer sells each day, along with the respective probabilities for each quantity sold. Each TV sells for $900. What is the retailer’s expected revenue for that TV model on any given day? Table is given

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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1. The following table describes the quantity of a specific television model a retailer sells each day, along with the respective probabilities for each quantity sold. Each TV sells for $900. What is the retailer’s expected revenue for that TV model on any given day?

Table is given below.

Quantity Probability
0.295
1
0.310
0.215
3
0.135
4
0.045
Table 1: Quantity of TVs sold and probabilities

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