Question

What is the Expected Daily revenue of the Large Animal Clinic?

They asked me on part one to find the probability of that at least 1 of the 10 horses had a disease(AKA P(1)+P(2)+..P(X+1)..+P(9)+P(10)). That I got (0.6513) as my answer if at least one horse has a disease. If the horse does have the disease the treatment is $500. If the horse doesn't have the disease then the treatment is $80.

I know the expected value equation goes as the following
E[X]=n(P_D)($500) + n(P_N)($80)
Though I am not sure what to put for P_N.

Answer 1

Sorry If i am explaining it kind of funny in my question. Please ask for clarification.

Answer 2

P_D, probability of disease?

Answer 3

Yes

Answer 4

P_N is No disease

Answer 5

and of course revenue is determined by the number of horses and their state of disease

Answer 6

are there more parts to the question? a chart maybe?

Answer 7

Correct though they still get $80 from the horses that dont have a disese

Answer 8

The question wants to find the expected revenue from both Diagnosing the disease and treating the disease

Answer 9

Diagnosis is $80 and Treatment is $500

Answer 10

are we assuming that 10 horses come in?

Answer 11

The clinic schedules 10 each day to be diagnosed

Answer 12

And they need daily revenue

Answer 13

P(0) horses have a disease is 1 - P_D

Answer 14

Correct

Answer 15

Oh so thats my P_N

Answer 16

er ... P(x=0) = 1 - P(x>=1)

Answer 17

yes

Answer 18

Gracias Senor or Senorita

Answer 19

denada

Answer 20

:D