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CalculusCalculus: An Applied Approach (MindTap Course List)10th Edition

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Chapter 9.1, Problem 37E
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Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919

Solutions

Chapter
Section
Problem 1CP
Problem 2CP
Problem 3CP
Problem 4CP
Problem 5CP
Problem 6CP
Problem 1SWU
Problem 2SWU
Problem 3SWU
Problem 4SWU
Problem 5SWU
Problem 6SWU
Problem 7SWU
Problem 8SWU
Problem 9SWU
Problem 10SWU
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 11E
Problem 12E
Problem 13E
Problem 14E
Problem 15E
Problem 16E
Problem 17E
Problem 18E
Problem 19E
Problem 20E
Problem 21E
Problem 22E
Problem 23E
Problem 24E
Problem 25E
Problem 26E
Problem 27E
Problem 28E
Problem 29E
Problem 30E
Problem 31E
Problem 32E
Problem 33E
Problem 34E
Problem 35E
Problem 36E
Problem 37E
Problem 38E
Problem 39E
BuyFindarrow_forward

Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919
Textbook Problem
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Market Analysis A sporting goods company has decided on two possible cities in which to open a new store. Management estimates that City 1 will yield $20 million in revenues if successful and will lose $4 million if not. whereas City 2 will yield $50 million in revenues if successful and will lose $9 million if not. City 1 has a 0.3 probability of being successful and City 2 has a 0.2 probability of being successful. In which city should the sporting goods company open the new store with respect to the expected return from each store?

To determine

To calculate: In which city should the sporting goods company open the new store with respective to the expected return from each store.

Explanation

Given Information:

City 1 will yield 20 million in revenues if successful and will lose $4 million if not and city 2 will yield 50 million in revenues if successful and will lose $9 million if not. The probability of being successful of city 1 has 0.3 and the probability of being successful of city 2 has 0.2.

Formula Used:

If x1 be the gain of successful with probability p(x1) and x2 be the loss of failure with probability p(x2) then

E(x)=x1p(x1)−x2p(x2)

Step-1: Find the expected value of the city 1 and city 2.

Step-2: Compare which one amount is more.

Calculation:

Consider the given conditions for City 1

x1=20 millionx2=$4 millionp(x1)=0.3p(x2)=1−0.3

And,

p(x2)=0.7

Now, apply the formula to find the probability

E(x)=x1p(x1)−x2p(x2)=20(0

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Sect-9.1 P-1CPSect-9.1 P-2CPSect-9.1 P-3CPSect-9.1 P-4CPSect-9.1 P-5CPSect-9.1 P-6CPSect-9.1 P-1SWUSect-9.1 P-2SWUSect-9.1 P-3SWUSect-9.1 P-4SWU
Sect-9.1 P-5SWUSect-9.1 P-6SWUSect-9.1 P-7SWUSect-9.1 P-8SWUSect-9.1 P-9SWUSect-9.1 P-10SWUSect-9.1 P-1ESect-9.1 P-2ESect-9.1 P-3ESect-9.1 P-4ESect-9.1 P-5ESect-9.1 P-6ESect-9.1 P-7ESect-9.1 P-8ESect-9.1 P-9ESect-9.1 P-10ESect-9.1 P-11ESect-9.1 P-12ESect-9.1 P-13ESect-9.1 P-14ESect-9.1 P-15ESect-9.1 P-16ESect-9.1 P-17ESect-9.1 P-18ESect-9.1 P-19ESect-9.1 P-20ESect-9.1 P-21ESect-9.1 P-22ESect-9.1 P-23ESect-9.1 P-24ESect-9.1 P-25ESect-9.1 P-26ESect-9.1 P-27ESect-9.1 P-28ESect-9.1 P-29ESect-9.1 P-30ESect-9.1 P-31ESect-9.1 P-32ESect-9.1 P-33ESect-9.1 P-35ESect-9.1 P-36ESect-9.1 P-37ESect-9.1 P-38ESect-9.2 P-1CPSect-9.2 P-2CPSect-9.2 P-3CPSect-9.2 P-4CPSect-9.2 P-5CPSect-9.2 P-1SWUSect-9.2 P-2SWUSect-9.2 P-3SWUSect-9.2 P-4SWUSect-9.2 P-5SWUSect-9.2 P-6SWUSect-9.2 P-7SWUSect-9.2 P-1ESect-9.2 P-2ESect-9.2 P-3ESect-9.2 P-4ESect-9.2 P-5ESect-9.2 P-6ESect-9.2 P-7ESect-9.2 P-8ESect-9.2 P-9ESect-9.2 P-10ESect-9.2 P-11ESect-9.2 P-12ESect-9.2 P-13ESect-9.2 P-14ESect-9.2 P-15ESect-9.2 P-16ESect-9.2 P-17ESect-9.2 P-18ESect-9.2 P-19ESect-9.2 P-20ESect-9.2 P-21ESect-9.2 P-22ESect-9.2 P-23ESect-9.2 P-24ESect-9.2 P-25ESect-9.2 P-26ESect-9.2 P-27ESect-9.2 P-28ESect-9.2 P-29ESect-9.2 P-30ESect-9.2 P-31ESect-9.2 P-32ESect-9.2 P-33ESect-9.2 P-34ESect-9.2 P-35ESect-9.2 P-36ESect-9.2 P-37ESect-9.2 P-38ESect-9.2 P-39ESect-9.3 P-1CPSect-9.3 P-2CPSect-9.3 P-3CPSect-9.3 P-4CPSect-9.3 P-5CPSect-9.3 P-6CPSect-9.3 P-7CPSect-9.3 P-1SWUSect-9.3 P-2SWUSect-9.3 P-3SWUSect-9.3 P-4SWUSect-9.3 P-5SWUSect-9.3 P-6SWUSect-9.3 P-1ESect-9.3 P-2ESect-9.3 P-3ESect-9.3 P-4ESect-9.3 P-5ESect-9.3 P-6ESect-9.3 P-7ESect-9.3 P-8ESect-9.3 P-9ESect-9.3 P-10ESect-9.3 P-11ESect-9.3 P-12ESect-9.3 P-13ESect-9.3 P-14ESect-9.3 P-15ESect-9.3 P-16ESect-9.3 P-17ESect-9.3 P-18ESect-9.3 P-19ESect-9.3 P-20ESect-9.3 P-21ESect-9.3 P-22ESect-9.3 P-23ESect-9.3 P-24ESect-9.3 P-25ESect-9.3 P-26ESect-9.3 P-27ESect-9.3 P-28ESect-9.3 P-29ESect-9.3 P-30ESect-9.3 P-31ESect-9.3 P-32ESect-9.3 P-33ESect-9.3 P-34ESect-9.3 P-35ESect-9.3 P-36ESect-9.3 P-37ESect-9.3 P-38ESect-9.3 P-39ESect-9.3 P-40ESect-9.3 P-41ESect-9.3 P-42ESect-9.3 P-43ESect-9.3 P-44ESect-9.3 P-45ESect-9.3 P-46ESect-9.3 P-47ESect-9.3 P-48ESect-9.3 P-49ESect-9.3 P-50ESect-9.3 P-54ESect-9.3 P-55ESect-9.3 P-56ESect-9.3 P-57ECh-9 P-1RECh-9 P-2RECh-9 P-3RECh-9 P-4RECh-9 P-5RECh-9 P-6RECh-9 P-7RECh-9 P-8RECh-9 P-9RECh-9 P-10RECh-9 P-11RECh-9 P-12RECh-9 P-13RECh-9 P-14RECh-9 P-15RECh-9 P-16RECh-9 P-17RECh-9 P-18RECh-9 P-19RECh-9 P-20RECh-9 P-21RECh-9 P-22RECh-9 P-23RECh-9 P-24RECh-9 P-25RECh-9 P-26RECh-9 P-27RECh-9 P-28RECh-9 P-29RECh-9 P-30RECh-9 P-31RECh-9 P-32RECh-9 P-33RECh-9 P-34RECh-9 P-35RECh-9 P-36RECh-9 P-37RECh-9 P-38RECh-9 P-39RECh-9 P-40RECh-9 P-41RECh-9 P-42RECh-9 P-43RECh-9 P-44RECh-9 P-45RECh-9 P-46RECh-9 P-47RECh-9 P-48RECh-9 P-49RECh-9 P-50RECh-9 P-51RECh-9 P-52RECh-9 P-53RECh-9 P-54RECh-9 P-55RECh-9 P-56RECh-9 P-57RECh-9 P-58RECh-9 P-59RECh-9 P-60RECh-9 P-61RECh-9 P-62RECh-9 P-1TYSCh-9 P-2TYSCh-9 P-3TYSCh-9 P-4TYSCh-9 P-5TYSCh-9 P-6TYSCh-9 P-7TYSCh-9 P-8TYSCh-9 P-9TYSCh-9 P-10TYSCh-9 P-11TYSCh-9 P-12TYSCh-9 P-13TYSCh-9 P-14TYSCh-9 P-15TYSCh-9 P-16TYS

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