Problem 2. From experience, a shipping company knows that the cost of delivering a small package...
Problem 2. From experience, a shipping company knows that the cost of delivering a small package within 24 hours is $15.80. The company charges $16.50 but guarantees to refund the charge if delivery is not made within 24 hours. If the company fails to deliver only 1% of its packages within 24-hour period, what is the expected gain per package?
Homework Answers
The expected gain per package for company obtained below
expected gain=
0.01*(-15.80)+(1-0.01)*(16.50-15.80)=0.535
=53.5 cents
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