Find expected profit of sales distributions for skim milk gallons
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If you purchase 5 gallons of skim milk for $2 per gallon and sell it for $3 per gallon and receive a refund for unsold milk of $1 per gallon.
y = Profit = NoSold(PriceSell-PriceRefund) + NoPurchased*(PriceRefund-PriceYouPurchasedFor)
What is the expected profit or loss for the following distribution of sales?
x 0 1 2 3 4 5
f(x) 0.1 0.2 0.3 0.2 0.1 0.1
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Solution Summary
The expert finds the expected profit of sales distribution for skim milk gallons.
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Total cost = 5 * 2 = $10.00
Suppose X denotes the number of gallons sold. Then profit is given by Y = X *3 + (5-X)*1 ...
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