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Apple company designs i-phone 15. One out of 50 i-phones is faulty, but the company does not know which ones are faulty until a buyer
Apple company designs i-phone 15. One out of 50 i-phones is faulty, but the company does not know which ones are faulty until a buyer complains. Suppose the company makes 150 dollar profit on the sale of any working phone, but suffers a loss of 4000 dollars for every faulty gadget because they have to repair the unit. Check whether Apple company can expect a profit in the long term. What is the expected loss or gain
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