You bought a $100 ticket for an upcoming football match but after a few days you found out that the weather forecast is suggesting a 2-to-1 odds of rain on the day of the game. Suppose your willingness to watch a footbal match in rain drops by 50%. what is the optimal price you would like to offer your ticket for resale? Assume that the population willingness to pay for the match is uniformly distributed with mean of $95 and a standard deviation of $30. further, assume the weather has a negligible effect on the overall distribution of the populations willingness to pay.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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You bought a $100 ticket for an upcoming football match but after a few days you found out that the
weather forecast is suggesting a 2-to-1 odds of rain on the day of the game. Suppose your willingness to
watch a footbal match in rain drops by 50%. what is the optimal price you would like to offer your ticket
for resale? Assume that the population willingness to pay for the match is uniformly distributed with
mean of $95 and a standard deviation of$30. further, assume the weather has a negligible effect
on the overall distribution of the populations willingness to pay.
Transcribed Image Text:You bought a $100 ticket for an upcoming football match but after a few days you found out that the weather forecast is suggesting a 2-to-1 odds of rain on the day of the game. Suppose your willingness to watch a footbal match in rain drops by 50%. what is the optimal price you would like to offer your ticket for resale? Assume that the population willingness to pay for the match is uniformly distributed with mean of $95 and a standard deviation of$30. further, assume the weather has a negligible effect on the overall distribution of the populations willingness to pay.
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