Jerry and George are writing a pilot for a sitcom. They estimate they have a 90% chance of the show notbeing picked up as a series. If that happens, their combined profit is -$40,000 as they've invested a greatdeal of time and energy and received nothing for it. If the show is picked up, the profit the pair wouldearn depends on the success of the show, as indicated in the table below. Calculate Jerry and George'sexpected profit, in thousands of dollars. Do not include a dollar sign ($) in your answer.Success ProbabilityMinor25%Moderate 70%Major5%Profit, in thousands of dollars20100500

Expected value of X is given by, E(X)= ∑Xi*P(Xi) P(Xi) Xi 0.25 20 0.70 100 0.05 500

Answered: Jerry and George are writing a pilot…

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter9: Sequences, Probability And Counting Theory

Section9.7: Probability

Problem 60SE: Use this data for the exercises that follow: In 2013, there were roughly 317 million citizens in the...

See similar textbooks

Similar questions

Use this data for the exercises that follow: In 2013, there were roughly 317 million citizens in the United States, and about 40 million were elderly (aged 65 and over).[34] 60. It is predicted that by 2030, one in five U.S. citizens will be elderly. How much greater will the chances of meeting an elderly person be at that time? What policy changes do you foresee if these statistics hold true?
The hockey team won 8 out of their first 14 games. At the Same Rate, how many games should they expect to win out of 84 games?
A construction company plans to invest in a housing project. There is a 30% chance that the company will lose $155,828 a 30% chance it will lose $148,548, and a 40% chance of a $394,464 profit. Based ONLY on this information, how much can the company expect to gain or lose. Round to the nearest hundredth, gains should be positive and losses negative.
In a recent survey, ice cream truck drivers in Cincinnati, Ohio, reported they make about $280 in income on a typical summer day. The income was generally higher on days with longer work hours, particularly hot day, and on holidays. The IceCream data file includes five weeks of the driver's daily income (Income), number of hours on the road (Hours), whether it was a particularly hot day (Hot = 1 if the high temperature was above 85-degrees F, 0 otherwise), and whether it was a Holiday (Holiday = 1, 0 otherwise). 1. Predict the income of a driver working 8 hours on a hot holiday. (Round to the nearest dollar.) 2. Predict the income of a driver working 8 hours on a hot day if it was not a holiday. (Round to the nearest dollar.)
Analysts have determined that an upcoming business deal, which costs the company $40000 to initiate, has a 10% chance of generating $300000 of revenue, and a 60% chance of generating $80000 of revenue. Otherwise, the program will generate no revenue at all. On average, how much money will this type of business deal make or lose for the company?
A large national study finds that 10% of pregnant women deliver prematurely. A local obstetrician is seeing 16 pregnant women in his next clinic session. d.If the true percentage is 10% and this obstetrician has 146 pregnant women under his care, how many would be expected to deliver prematurely?
A study was developed to evaluate effectiveness of a weight loss diet plan. An ad was placed in two towns to locate study participants who were to follow the diet. In Town A, the clinicians asked each dieter to report how much weight they had lost over the previous 6 weeks while following the diet. In Town B, the clinicians weighed each dieter at the beginning of the study and again after 6 weeks on the diet program. The weight lost was calculated as the difference between the beginning weight and the weight after 6 weeks. At the end of the study, it was determined that Town B had lost significantly less weight than Town A. 1.What is the population of interest in this situation? 2. Identify source(s) of bias in this study.
A citrus grower anticipates a profit of $100,000 this year if the nightly temperatures remain mild. Unfortunately, the weather forecast indicates a 25% chance that the temperatures will drop below freezing during the next week. Such freezing weather will destroy 40% of the crop and reduce the profit to $60,000. However, the grower can protect the citrus fruit against the possible freezing (using smudge pots, electric fans, and so on) at a cost of $5000. Should the grower spend the $5000 and thereby reducethe profit to $95,000? [Hint: Compute E(X ), where X is theprofit the grower will get if he does nothing to protect the fruit.]
A computer manufacturer buys 30% of its chips from supplier A and the rest from supplier B. Two percent of the chips from supplier A are defective, as are 4% of the chips from supplier B. Approximately what percentage of the defective chips are from supplier B?
Emily scored 50% higher on the SAT than Joshua. This means that A. Joshua score was 50% lower than Emilys B. Josuha's score was half of Emily's C. Joshua's score was two-thirds of Emily's Show work

Recommended textbooks for you

College Algebra

Algebra

ISBN:

9781938168383

Author:

Jay Abramson

Publisher:

OpenStax

Glencoe Algebra 1, Student Edition, 9780079039897…

Algebra

ISBN:

9780079039897

Author:

Carter

Publisher:

McGraw Hill

Algebra: Structure And Method, Book 1

Algebra

ISBN:

9780395977224

Author:

Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole

Publisher:

McDougal Littell

College Algebra

Algebra

ISBN:

9781938168383

Author:

Jay Abramson

Publisher:

OpenStax

Glencoe Algebra 1, Student Edition, 9780079039897…

Algebra

ISBN:

9780079039897

Author:

Carter

Publisher:

McGraw Hill

Algebra: Structure And Method, Book 1

Algebra

ISBN:

9780395977224

Author:

Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole

Publisher:

McDougal Littell

Holt Mcdougal Larson Pre-algebra: Student Edition…

Algebra

ISBN:

9780547587776

Author:

HOLT MCDOUGAL

Publisher:

HOLT MCDOUGAL

Big Ideas Math A Bridge To Success Algebra 1: Stu…

Algebra

ISBN:

9781680331141

Author:

HOUGHTON MIFFLIN HARCOURT

Publisher:

Houghton Mifflin Harcourt

SEE MORE TEXTBOOKS