Question
(1 point) A rock concert producer has scheduled an outdoor concert. The producer estimates the attendance will depend on the weather according to the following
(1 point) A rock concert producer has scheduled an outdoor concert. The producer estimates the attendance will depend on the weather according to the following table.
Weather | Attendance | Probability |
wet, cold | 50005000 | 0.20.2 |
wet, warm | 1500015000 | 0.10.1 |
dry, cold | 2000020000 | 0.20.2 |
dry, warm | 4000040000 | 0.50.5 |
(a) What is the expected attendance?
answer:
What is the variance in attendance?
answer:
What is the standard deviation in attendance?
answer:
(b) If tickets cost $ 30 each and if band and administration costs are $ 300000, what is the expected profit?
answer:
What is the variance in profit?
answer:
What is the standard deviation in profit?
answer:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started