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keebler01

The property restoration company PuroServ is considering switching to new dehumidifiers. Their market research, considering the cost of the new machines and their efficiency, tells them that the switch would give them a 75% chance of making a $20,000 profit, a 20% chance of breaking even, and a 5% chance of losing $5,000. How much money does PuroServ expect to make with their new purchase? please show work

  • 2 years ago
  • 2 years ago

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  1. coolaid
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    dont worry

    • 2 years ago
  2. coolaid
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    some ons coming

    • 2 years ago
  3. coolaid
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    :D

    • 2 years ago
  4. Ishaan94
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    keebler I am sorry but I never did a question like this. I will try to get some help.

    • 2 years ago
  5. dumbcow
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    its expected value, kind of like a weighted average \[EV = \sum_{}^{}x*p(x)\] where x is profit made and p(x) is the probability of making that profit

    • 2 years ago
  6. keebler01
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    dumbcow i dont get it!!

    • 2 years ago
  7. dumbcow
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    so (20,000)(0.75) + (0)(0.2) + (-5000)(0.05)

    • 2 years ago
  8. dumbcow
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    multiply each probability by its corresponding profit

    • 2 years ago
  9. Hashir
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    :D

    • 2 years ago
  10. Hashir
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    it is easy

    • 2 years ago
  11. keebler01
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    thank u dumbcow

    • 2 years ago
  12. dumbcow
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    no problem what do you get after adding them up

    • 2 years ago
  13. keebler01
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    hold on!

    • 2 years ago
  14. keebler01
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    it gave me a wired number!

    • 2 years ago
  15. dumbcow
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    hmm should be 14,750 .75*20,000 - .05*5000

    • 2 years ago
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