Multiple Choice
Lobster Liquidators will make $550,000 if the fishing season weather is good, $240,000 if the weather is fair, and would actually lose $40,000 if the weather is poor during the season. If the weather service gives a 45% probability of good weather, a 25% probability of fair weather, and a 30% probability of poor weather, what is the expected monetary value for Lobster Liquidators?
A) $247,500
B) $295,500
C) $750,000
D) $250,000
Correct Answer:
Verified
Correct Answer:
Verified
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