Expected profit max built a spec house at a cost of 450000
Question: EXPECTED PROFIT Max built a spec house at a cost of $450,000. He estimates that he can sell the house for $580,000, $570,000, or $560,000, with probabilities .24, .40, and .36, respectively. What is Max's expected profit?
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question expected profit max built a spec house at a cost of 450000 he estimates that he can sell the house for 580000
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