Asked by Liz
According to a publisher's records, 20% of the books published break even, 30% lose $1000, 25% lose $10,000, and 25% earn $20,000. When a book is published, what is the expected income for the book?
Answers
Answered by
Reiny
expected income
= .2(0) + .3(-1000) .25(-10000) + .25(20000)
= 2200
= .2(0) + .3(-1000) .25(-10000) + .25(20000)
= 2200
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