Please make the answer clear and easy to read, typed or good hand written. (1 po

Question

Please make the answer clear and easy to read, typed or good hand written.

(1 point) A rock concert producer has scheduled an outdoor concert. The producer estimates the attendance will depend on the weather according to the following table Weather Attendance Probability wet, cold60000.1 wet, warm25000 0.1 dry, cold 30000 0.2 dry, warm 55000 0.6 (a) What is the expected attendance? answer. (b) If tickets cost S 15 each, the band will cost $ 150000, plus 50000 for administration. What is the expected profit? answer.

Explanation / Answer

solution:-
a. expected attandance
6000(0.1)+25000(0.1)+30000(0.2)+55000(0.6)
=> 42100

b.
total cost = 200000
total receipts = 42100 * 15 = 631500
Therefore Expected Profit = 631500 - 200000 = 431500

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