A contractor is considering a sale that promises a profit of 240000.0 dollars with a probability...
A contractor is considering a sale that promises a profit of 240000.0 dollars with a probability of 0.76 or a loss (due to bad weather, strikes, and such) of 20000.0 with a probability of 0.24. What is the expected profit?
SELECT ALL APPLICABLE CHOICES
A)E=155400.0
B)E=136050.0
C)E=177600.0
D) None of These
Homework Answers
The expected profit here is computed as the sum product of the probabilities with the profit / loss associated with those probabilities. It is therefore computed here as:
= 0.76*240,000 - 0.24*20,000
= 182,400 - 4,800
= 177,600
Therefore C) E = 177,600 is the expected profit here.
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