SOLUTION: A farmer loses $70,000when the summer is too dry and makes $110,000 when the growing season is moderate. The probability of the growing season being too dry is 35%. What is the ex

SOLUTION: A farmer loses $70,000when the summer is too dry and makes $110,000 when the growing season is moderate. The probability of the growing season being too dry is 35%. What is the ex

Algebra.Com

Question 364400: A farmer loses $70,000when the summer is too dry and makes $110,000 when the growing season is moderate. The probability of the growing season being too dry is 35%. What is the expectation for profit?
Answer by edjones(8007) (Show Source): You can put this solution on YOUR website!
.65*110000-.35*70000=$47,000 expected profit.
.
Ed
RELATED QUESTIONS
A farmer uses of his field for growing rice and of the remaining field for growing... (answered by Alan3354)

of 1108 people surveyed, 68% say that summer is their favorite season. What is the... (answered by stanbon)

during the cold season,the sun is visible 25% of the time .The probability that the class (answered by Boreal)

During the cold season,the sun is visible 25% of the time .The probability that the class (answered by robertb,chewe )

A farmer uses 9/16 of a field for growing cassava. he uses 2/7 of the remained for... (answered by Cromlix)

The height requirement for the Star Speed roller coaster is 54 inches. Even after growing (answered by MathLover1)

If the population of a town is 32,000 in the year 2013, with a growing rate of 1.2... (answered by CubeyThePenguin)

Statistics show that a team has a 30% chance of winning if it loses the previous game and (answered by ewatrrr)

If a motorcycle costs 14 000$ and after 3 years loses it's original value by 52% how much (answered by ewatrrr)