Because of bad weather, the number of days next week that the captain of a charter fishing boat can leave port is uncertain. The following probability distribution for the number of days that the boat is able to leave port per week was determined based on historical data when the weather was poor: The number of days the boat can leave port per week 0 1 2 3 4 5 6 7 Probability 0.20 0.05 0.05 0.05 0.15 0.10 0.15 0.25 Based on the probability distribution, what is the expected number of days per week the captain can leave port. Group of answer choices 4.00 2.85 4.05 3.55 3.50

Because of bad weather, the number of days next week that the captain of a charter fishing boat can leave port is uncertain. The following probability distribution for the number of days that the boat is able to leave port per week was determined based on historical data when the weather was poor: The number of days the boat can leave port per week 0 1 2 3 4 5 6 7 Probability 0.20 0.05 0.05 0.05 0.15 0.10 0.15 0.25 Based on the probability distribution, what is the expected number of days per week the captain can leave port. Group of answer choices 4.00 2.85 4.05 3.55 3.50

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter17: Making Decisions With Uncertainty

Section: Chapter Questions

Problem 4MC

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