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Suppose that each ticket costs 5 and that the total cost of

Weather Probability = F(x) Attendance = X

Terrible weather 0.2 500

Mediocre weather 0.6 1000

Great weather 0.2 2000

(a) Suppose that each ticket costs $5 and that the total cost of giving the concert is a fixed $2000. Let Y = profit = total sales revenue - total cost = 5X - 2000. What is the expected profit?

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Business Economics: Suppose that each ticket costs 5 and that the total cost of

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