b. Demand for electricity next year is projected to be one of the following quantities: 18,000GWH with probability of 0.4, 25,000GWH with probability of 0.4, or 30,000GWh. i. If this year's demand is 17,500GWh, what should be the additional amount to plan against if the energy ministry would want to plan for the increase using expected value analysis?
b. Demand for electricity next year is projected to be one of the following quantities: 18,000GWH with probability of 0.4, 25,000GWH with probability of 0.4, or 30,000GWh. i. If this year's demand is 17,500GWh, what should be the additional amount to plan against if the energy ministry would want to plan for the increase using expected value analysis?
Chapter9: Sequences, Probability And Counting Theory
Section9.7: Probability
Problem 1SE: What term is used to express the likelihood of an event occurring? Are there restrictions on its...
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Transcribed Image Text:b. Demand for electricity next year is projected to be one of the following quantities:
18,000GWH with probability of 0.4, 25,000GWh with probability of 0.4, or 30,000GWH.
i. If this year's demand is 17,500GWH, what should be the additional amount to plan against if
the energy ministry would want to plan for the increase using expected value analysis?
ii. What is the standard deviation of the suggested accompanying amount?
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