Find expected profit from probability demand distribution, Basic Statistics

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Find expected profit from probability demand distribution

How does one find expected profit from a probability demand distribution?

For example, if revenue for producing one TV set is $5, and cost is $2, while demand is 200 (with a probability of 0.1), what would be the profit from producing 200 TV sets?

In addition, what would the profit be from producing 200 TV sets, with a demand of 300 (with a probability of 0.2)?

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Basic Statistics: Find expected profit from probability demand distribution

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Basic Statistics: Find expected profit from probability demand distribution

Reference No:- TGS0109668

Have a Question? (oR Write a Review)

Recent Questions Asked Basic Statistics

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Request for Solution File

Ask an Expert for Answer!!

Basic Statistics: Find expected profit from probability demand distribution

Reference No:- TGS0109668

Recent Questions Asked Basic Statistics

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