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The total profit of a firm is given by Profit = Total Revenue - Total Cost Suppose that Total Revenue = 120 Q and Total
The total profit of a firm is given by Profit = Total Revenue - Total Cost Suppose that Total Revenue = 120Q and Total Cost = 20 + 50Q where Q, the quantity sold, is a (approximately) normal random variable with expected value 30 and variance 5. That isQ isN(30,5) What is the expected value of total profit?(2dp)Answer What is the variance of total profit?(2dp)Answer What is the standard deviation of total profit?(2dp)Answer
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