From past experience, a wheat farmer finds that his annual profit (in dollars) is $89,000 if the summer weather is typical, $54,000 if the weather is unusually dry, and $22,000 if there is a severe storm that destroys much of his crop. Weather bureau records indicate that the probability is 0.68 of typical weather, 0.25 of unusuallly dry weather, and 0.07 of a severe storm. Let X denote the farmer's profit next year. Complete parts a through d. Probability P(x) Weather Profit x $89000 $54000 $22000 0.68 Typical 0.25 Unusually dry 0.07 Severe storm (Type integers or decimals. Do not round.) b. What is the probability that the profit is $54,000 or less? The probability is (Type an integer or a decimal. Do not round.) c. Find the mean of the probability distribution of X. Interpret. Select the correct choice below and fill in the answer box to complete your choice. (Round to the nearest dollar as needed.) OA. The wheat farmer will earn a profit of Snext year O B. The wheat farmer expects to earn a long-term average profit of $75560 per year.

From past experience, a wheat farmer finds that his annual profit (in dollars) is $89,000 if the summer weather is typical, $54,000 if the weather is unusually dry, and $22,000 if there is a severe storm that destroys much of his crop. Weather bureau records indicate that the probability is 0.68 of typical weather, 0.25 of unusuallly dry weather, and 0.07 of a severe storm. Let X denote the farmer's profit next year. Complete parts a through d. Probability P(x) Weather Profit x $89000 $54000 $22000 0.68 Typical 0.25 Unusually dry 0.07 Severe storm (Type integers or decimals. Do not round.) b. What is the probability that the profit is $54,000 or less? The probability is (Type an integer or a decimal. Do not round.) c. Find the mean of the probability distribution of X. Interpret. Select the correct choice below and fill in the answer box to complete your choice. (Round to the nearest dollar as needed.) OA. The wheat farmer will earn a profit of Snext year O B. The wheat farmer expects to earn a long-term average profit of $75560 per year.

Name: How would you find $54000 or less? From past experience, a wheat farme
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Description: How would you find $54000 or less? From past experience, a wheat farmer finds that his annual profit (in dollars) is $89,000 if the summer weather is typical, $54,000 if the weather is unusually dry, and$22,000 if there is a severe storm that destroy

Holt Mcdougal Larson Pre-algebra: Student Edition 2012

1st Edition

ISBN:9780547587776

Author:HOLT MCDOUGAL

Publisher:HOLT MCDOUGAL

Chapter11: Data Analysis And Probability

Section11.8: Probabilities Of Disjoint And Overlapping Events

Problem 2C

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