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OpenStudy (poetryprincess):
A company is considering making a new product. They estimate the probability that the new product will be successful is 0.75. If it is successful it would generate $240,000 in profit. The cost to develop the product is $196,000. Use the revenue (profit – cost) and expected value to decide whether the company should make this new product.
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OpenStudy (perl):
it says expected value, so we need to make a probability distribution
OpenStudy (poetryprincess):
How?
OpenStudy (perl):
|dw:1422944833370:dw|
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