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Lobster Liquidators will make $ 510 comma 000$510,000 if the fishing season weather is good, $ 220 comma 000$220,000 if the weather is fair, and
Lobster Liquidators will make
$ 510 comma 000$510,000
if the fishing season weather is good,
$ 220 comma 000$220,000
if the weather is fair, and would actually lose
$ 50 comma 000$50,000
if the weather is poor during the season. If the weather service gives a
4040%
probability of good weather, a
2020%
probability of fair weather, and a
4040%
probability of poor weather, what is the expected monetary value for Lobster Liquidators?
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