Bettina has just graduated from Cape Coast University and is looking for a job. The labour market is such that she can only be offered one job at the end of each month which she has to decide whether to accept or decline. If she declines the job, then she must wait until she is offered a job the following month. There are three types of jobs which she could be offered:

The best jobs in Cape Coast pay $6,750 a month but the probability of being offered this type of job is very small, it is only 0.15.

There also other good jobs which pay $5,250 per month and the probability of being offered those types of job is 0.45.

The "not as good" jobs pay $3,000 per month and the probability of being offered those types of job is 0.35.

The worst jobs pay $1,200 per month and the probability of being offered this type of job is 0.05.

What is the expected value of Bettina's future job offer? Explain

What is the hazard rate? Explain