A problem on expected values:
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Depending upon the state of the economy, Ables Manufacturing Corp. expects to sell the following number of prefabricated buildings. The probability of each state is indicated. What is the expected value of the total sales projection?
Outcome Probability Units Price
Bad 0.20 100 $20
Normal 0.50 180 $25
Great 0.30 210 $30
$4,500
$4,540
$12,800
none of these
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