Question
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
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 | Pobability |
wet, cold | 4000 | 0.1 |
wet, warm | 15000 | 0.1 |
dry, cold | 20000 | 0.2 |
dry, warm | 40000 | 0.6 |
(a) What is the expected attendance?
(b) If tickets cost $20 each, the band will cost $300000, pluse $55000 for administration. What is the expected profit?
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Business Statistics In Practice
Authors: Bruce Bowerman, Richard O'Connell
6th Edition
0073401838, 978-0073401836
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