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In a certain​ city, projections for the next year indicate there is a​ 20% chance that electronics jobs will increase by1000​,a​ 50% chance that they will increase by300​,and a​ 30% chance they will decrease by700. Find the expected change in the number of electronics jobs in that city in the next year. The expected change is an increase of _jobs.

Question
In a certain​ city, projections for the next year indicate there is a​ 20% chance that electronics jobs will increase by
1000​,
a​ 50% chance that they will increase by
300​,
and a​ 30% chance they will decrease by
700.
 
Find the expected change in the number of electronics jobs in that city in the next year.
 
The expected change is an increase of _
jobs.
check_circleAnswer
Step 1

Explanation:

The probability of electronics jobs increasing by 1,000 is 20% or 0.2.

The probability of electronics jobs increasing by 300 is 50% or 0.5.

The probability of electronics jobs decreasing by 700, or in other words, increasing by –700 is 30% or 0.3.

If we denote X as the amount of increase and p (x) as the probability for the corresponding value of X, then X takes values 1,000, 300 and –700 with respective...

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Basic Probability

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